Shares of Phoenix, Ariz.-based First Solar (Nasdaq: FSLR) hit an all time high of $230 in early trading today, riding a wave of good news for the thin film solar company.

A better than expected third quarter earnings report and boosted revenue forecasts for 2007 and 2008 followed news that the company would build a fourth manufacturing plant on increased demand.

Third quarter net income for First Solar was $46 million, or 58 cents per share, versus $4.3 million, or 6 cents per share, in the same period a year ago.

On top of the earnings jump, the company lifted its 2007 revenue forecast to $480 million to $485 million from an earlier outlook of $400 million to $415 million. The company also pegged its 2008 revenues at $760 million to $800 million.

Analysts expected earnings in 2007 of $412.5 million, with 2008 earnings forecast to be $701.1 million.

Earlier in the week, First Solar said it would build a fourth plant in Malaysia with four production lines, bringing the total number of production lines to 16 for its Malaysian Manufacturing Center.

The company said the new plant would be need to support agreements that expand its contracted module volume by a total of 557 megawatts, valued at $1 billion in additional sales.

First Solar said the fourth plant, scheduled to start production in the second half of 2009, will be built adjacent to the three previously announced plants currently under construction in Malaysia.

The company's shares, which closed up $57.31 at $224.43, were still active in after hours trading.