Early Solar Energy Estimates Top As US Sales Boost Revenue

0

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.

Share.

About Author

Comments are closed.