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Wed, April 5 at 4:00PM ET

First Solar News: FSLR Stock Surges 13% Higher on Sparkling Q3

Editor’s note: This article was updated on Oct. 28, 2020, to correct the year-ago operating income number. 

First Solar (NASDAQ:FSLR) news for Wednesday has FSLR stock soaring higher following the release of its earnings report for the third quarter of 2020. That’s thanks to its adjusted earnings per share of $1.45 easily beating out Wall Street’s estimate of 61 cents. Its revenue of $927.57 million also comes in well above analysts’ estimates of $693.12 million.

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

Source: IgorGolovniov / Shutterstock.com

Let’s take a look at some additional positive news from the First Solar earnings report below.

  • Adjusted per-share earnings are up 400% from 29 cents during the same time last year.
  • Revenue for the quarter comes in 69.6% higher than the $546.81 million reported in Q3 2019.
  • Operating income of $207.16 million is a 306.9% increase year-over-year from $41.3 million.
  • The First Solar earnings report also has net income coming in at $155.04 million.
  • That’s a 406.3% jump from the company’s net income of $30.62 million in the same period of the year prior.

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

“The dedication we continue to witness from our associates enabled us to expand module segment gross margin, close the sales of our Ishikawa, Miyagi, and Anamizu projects in Japan, and increase earnings per share quarter-over-quarter. This result reflects the strengths of our competitively advantaged CdTe modules and vertically integrated manufacturing process.”

First Solar also includes Q4 guidance in its earnings news. The company is expecting adjusted EPS of $1.00 to $1.50 on revenue of $540 million to $790 million. Wall Street’s Q4 estimates are adjusted EPS of $1.07 on revenue of $814.63 million.

FSLR stock was up 13.2% as of Wednesday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/first-solar-earnings-news-boosts-fslr-stock/.

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