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First Solar Earnings: FSLR Stock Charges Up 3% After Beating Q2 Estimates

First Solar (NASDAQ:FSLR) earnings for the solar panel company’s second quarter of 2020 have FSLR stock heading higher after-hours Thursday. That’s thanks to its diluted earnings per share of 35 cents beating out Wall Street’s estimate of 23 cents. Its revenue of $642.41 million also comes in above analysts’ estimate of $493.34 million.

First Solar (FSLR) logo on smartphone in front of computer screen with graphs

Source: IgorGolovniov / Shutterstock.com

Here’s what else is worth highlighting from the most recent First Solar earnings report.

  • Diluted per-share earnings are a major improvement over diluted losses per share of 18 cents in the second quarter of 2019.
  • Revenue for the quarter is up 9.8% from $584.96 million in the same period of the year prior.
  • Operating income of $50.9 million is a positive change year-over-year compared to an operating loss of $8.58 million.
  • The First Solar earnings report also has the company bringing in a net income of $36.91 million.
  • That’s a massive increase from the company’s net loss of $18.55 million from the same time last year.

Mark Widmar, CEO of First Solar, said this about the earnings results.

“We remain pleased with our operational performance with strong metrics across the board. Our COVID-19 response continues to center on balancing our top priority of safety with meeting our commitments to our customers. This approach, together with our associates’ dedication, and the strengths of our differentiated business model, enabled us to deliver solid financial results for the second quarter.”

First Solar isn’t providing full guidance for 2020 due to the novel coronavirus. Even so, the company says that it expects module production for the year to be 5.9 GWDC.

FSLR stock was up 3% after-hours Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/first-solar-earnings-push-fslr-stock-up/.

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