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First Solar Shares Heat Up on Q3 Earnings and Reinstated FY Guidance

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Source: Streetwise Reports   10/28/2020

First Solar shares traded 11% higher and established a new 52-week high after the company reported Q3/20 financial results that included a nearly 70% increase in year-over-year revenue.

After U.S. markets closed for trading yesterday, photovoltaic solar energy manufacturer First Solar Inc. (FSLR:NYSE) announced financial results for the third quarter ended September 30, 2020.

The company’s CEO Mark Widmar commented, “We delivered strong financial results for the third quarter…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.”

The company reported that net sales in Q3/20 were $928 million, compared to $642 million in Q2/20 and $547 million in Q3/19. The firm indicated that the 44% sequential increase of $285 million versus Q2/20 was mostly attributable to international project sales and an increase in third party volume of modules sold.

First Solar also advised that net income per share for Q3/20 was $1.45, compared to $0.35 in Q2/20 and $0.29 in Q3/19.

The firm noted that it had previously withdrawn its full-year 2020 guidance due to the many uncertainties surrounding the coronavirus pandemic, but the company now reports that “its financial results have not been materially impacted by COVID-19.” Therefore, First Solar advised that it is reinstating financial guidance for Q4/20 and FY/20 based upon results achieved through the first nine months of this fiscal year.

The company advised that it now estimates that Q4/20 net revenue will be in the range of $540-790 million and FY/20 net revenue will be between $2.6 and $2.9 billion. The firm also stated that it expects Q4/20 net income per share of $1.00-1.50 and FY/20 net income per share of $3.65-4.15.

First Solar is based in Tempe, Ariz., and is a global provider of photovoltaic (PV) solar energy products and solutions. The firm creates, manufactures and markets both PV solar modules and PV power systems. The company is focused on delivering integrated power plant solutions that offer economical alternatives to fossil-fuel generated electricity.

First Solar began the day with a market capitalization of around $8.7 billion with approximately 106.0 million shares outstanding. FSLR shares opened 12% higher today at $92.33 (+$9.94, +12.06%) over yesterday’s $82.39 closing price and reached a new 52-week high this morning of $97.93. The stock has traded today between $90.21 and $97.93 per share and is currently trading at $92.24 (+$9.85, +11.96%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: FSLR:NYSE, )


Source: https://www.streetwisereports.com/article/2020/10/28/first-solar-shares-heat-up-on-q3-earnings-and-reinstated-fy-guidance.html


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