Despite headwinds buffeting the solar industry, thin-film photovoltaic leader First Solar grew sales nearly 66 percent in 2009 to $2.07 billion. Full-year profit was about $640 million, or $7.53 per share, up nearly 84 percent from 2008.

Sales growth was 48 percent in the fourth quarter to $641.3 million. Profit was up year-over-year a more modest 6.6 percent to $141.6 million.

The solar-power industry has seen signs of improvement in recent months. But the market is expected to remain challenging over the next year, with First Solar saying it expects supply will exceed demand in 2010.

"The first half (of 2010) is very strong demand, orders look very strong. The second half, we'll have to see," said First Solar Chief Executive Robert Gillette.

Still, First Solar continues to invest in expanding its operations. The company recently announced plans for eight additional production lines at its Malaysian manufacturing center, as well as plans to build a factory in France and further expansion in New Mexico.

The Arizona company maintained its financial guidance for 2010, forecasting sales of $2.7 billion - $2.9 billion. It expects earnings per share between $6.05 and $6.85.

All eyes in the solar industry have been focused on Germany, the world's largest solar market, as the German government finalizes plans to cut its high solar subsidies. First Solar expects demand in Germany to remain flat in 2010 at 3-gigawatts, with the second half of the year potentially weaker than the first half after cuts are implemented.

Long-term prospects for the solar sector remain extremely robust, according to Lazard Capital Markets, which noted strong government policy support for the industry, declining raw material prices and manufacturing efficiency improvements, as well as rapid project execution times.

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