The Sun Shines Again On First Solar (FSLR)
Shares of First Solar (FSLR) lit the markets on fire last week, after reporting blowout third quarter earnings. The stock was actually halted last Friday prior to its earnings announcement, when it reported adjusted earnings of $1.94 per share -- completely smashing the consensus estimate of $1.13 per share. Revenue soared 50% year-over-year to $1.3 billion, also topping Wall Streetâ s expectation of $1.04 billion.
The company attributed high revenues from its Desert Sunlight solar project in the United States as a top contributor to its top line growth. Higher solar module sales was another major contributor. Daily Chart Stock Analysis
However, the company lowered its full -year sales outlook to $3.4 billion to $3.6 billion -- down from its previously forecast range of $3.6 billion to $3.8 billion. However, First Solar raised its gross margin outlook to 24%-26%, up from its prior forecast of 22%-23%. That increase in margin led to higher expectations for the companyâ s full year EPS, which it expects to come in between $4.25 to $4.50 -- up from its prior forecast of $3.75 to $4.25. First Solarâ s CEO Jim Hughes was upbeat regarding the companyâ s accomplishments during the quarter. â
Published on Nov 5, 2013
By Leo Sun