Hottest Solar Stocks: First Solar (FSLR)
To say that recent earnings at First Solar (FSLR) were stellar simply doesn’t do this solar stock justice. Instead, earnings for thin-film specialist FSLR — one of the best solar stocks out there — were beyond stellar.
FSLR stock analysts had estimated that the company would make around 95 cents a share for the third quarter. And First Solar proved why it’s king of the solar stocks by reporting a massive $2.28 per share in earnings. That’s a nearly 80% increase versus a year ago and 140% better than what analysts predicted.
Driving that beyond-stellar performance was the solar stock’s systems business, which owns and operates grid-scale solar installations for utility customers. FSLR revenues at for this business surged over 50% year-over-year.
And even more importantly for investors in solar stocks is the fact that the business is continuing to grow.
FSLR recently signed a signed a deal with NextEra Energy (NEE) to construct a 250-megawatt plant in California, while First Solar also managed to book about 860 megawatts (MW) of new utility-sized projects during the quarter. This has helped increase the solar stock’s backlog up to 2.7 GW. Many of those projects lie outside of North America, too — with Chile, Brazil, Japan and energy strapped China as key markets for FSLR installations. All of these bookings and additional projects should drive earnings in the future, and thus drive FSLR stock even higher.
As one of the leading utility scale PV producers in the world, shares of FSLR stock should be on everyone’s list of solar stocks to buy.