First Solar, Inc. (NASDAQ:FSLR) stock was shining brightly on Friday following an earnings beat for the third quarter of 2017.
First Solar, Inc. reported earnings per share of $1.95 for the third quarter of the year. This is an increase over its earnings per share of $1.22 from the same time last year. It was also a boon to FSLR stock by beating Wall Street’s earnings per share estimate of 84 cents for the quarter.
Revenue of $10.90 billion reported by First Solar, Inc. in the third quarter of 2017 was also good news for FSLR stock. The company’s revenue from the third quarter of 2016 was $681.28 million. Analysts were expecting the company to report revenue of $$824.20 million in the third quarter of the year.
“Third quarter results were highlighted by record bookings and strong earnings resulting from the sale of our California Flats project,” Mark Widmar, CEO of First Solar, Inc., said in a statement. “Our 4.5GWdc of bookings demonstrates both the robust market demand for our Series 4 and Series 6 module technology, and the acceleration of procurement timing by certain customers.”
First Solar, Inc. notes that its strong earnings for the third quarter means an increase to its 2017 guidance. It is increasing its earnings per share range from $2.00 to $2.50, to between $2.40 and $2.60. Wall Street is estimating earnings per share of $2.21 for 2017.
First Solar, Inc.’s revenue guidance for 2017 remains unchanged at $3.0 billion to $3.1 billion. Analysts are looking for the solar panel company to report revenue of $3.1 billion for the year.
FSLR stock was up 18% as of Friday afternoon and is up 78% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
