Early Solar Energy Estimates Top As US Sales Boost Revenue


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.


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