First Solar Inc. posted a better than expected profit in the fourth quarter of fiscal 2009. The profit both quarterly and annually beat the expectations of analysts but the shares of the company failed to attract investors as the stock fell 8% today afternoon.

First Solar posted net income at $141.6 million or $1.65 per share for the fourth quarter registering an increase by 6.6% while in the same period last year the net income was reported $132.8 million or $1.61 per share. However, the analysts expected the company to earn $1.52 per share for the quarter. Net sales for the quarter were posted $641.26 million increasing by 48%% as it was posted $433.65 million in Q4 2008.

For the full year 2009, the company posted net income of $640.1 million or $7.53 per share, increasing by 84% while compared with a net income of $348.3 million or $4.24 per share posted in FY 2008. The analysts were estimating the earnings of $7.36 per share for the year.

Net sales for the year were also increased by 66%. Net sales were posted $2.06 billion by the company while in FY 2008 net sales were posted $1.24 billion. Most analysts estimated revenue of $2.00 billion for the year by the company.