First Solar actions (FSLR) – Get a report hesitated Thursday after the solar energy company reported first quarter results that beat analysts’ estimates.
The Tempe, Arizona company earned $ 1.96 a share on revenue of $ 803 million. Analysts expected earnings of $ 1.03 per share on revenue of $ 785 million.
“[Demand] for our Series 6 technology continues to be robust, ”Managing Director Mark Widmar said in a statement. The modules segment’s gross profit margin was in line with the company’s guidance for the first quarter, the CEO said.
Shares of First Solar at last check were 0.5% higher at $ 87.71. They closed the regular Thursday trading session 1.6% at $ 87.29.
The company said sales of projects in the United States boosted its revenue in the quarter.
As a result, the company has raised the high of its revenue forecast for 2021, so that it is now between $ 2.85 billion and $ 3.03 billion. The previous high was $ 3 billion. Analysts expect revenue of $ 2.97 billion, according to FactSet.
The company also lowered its gross margin guidance for the year to the bottom, now standing at $ 695 million from $ 710 million.
First Solar said it completed the previously announced sale of its 10 gigawatt large-scale solar project platform to Leeward Renewable Energy earlier this month.
Citigroup analysts recently upgraded the stock to buy and raised their price target on First Solar to $ 100 per share from $ 88.
Analyst JB Lowe sees U.S. trade policy benefiting the company, including extending Section 201 tariffs on imported Chinese panels and possible sanctions against solar products sourced from Xinjiang.