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First Solar, Inc. (FSLR) Shares Spike on Raised Forecast

William White

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

First Solar, Inc. (NASDAQ:FSLR) stock was on the rise Friday with the release of an updated forecast.

First Solar, Inc. (FSLR) Shares Spike on Raised Forecast

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First Solar, Inc.’s updated outlook for the full year of 2017 in its earnings report for the second quarter of the year. This includes increasing revenue expectations from between $2.85 billion and $2.95 billion, to between $3.00 billion and $3.10 billion.  Wall Street is expecting revenue for the year to come in at $2.90 billion.

FSLR stock also got a boost after the company increased its earnings estimate for 2017. First Solar, Inc. is now expecting earnings per share for the year to range from $2.00 to $2.50. Its previous guidance had earnings per share ranging from 25 cents to 50 cents. Analysts are expecting earnings per share of 61 cents for the year.

The earnings report for the second quarter of 2017 was also a boon to FSLR stock. This includes its earnings per share of 64 cents for the quarter. This is came in well above Wall Street’s earnings per share estimate of 4 cents for the quarter.

First Solar, Inc.’s revenue for the second quarter of the year was $623.33 million. This is a drop from the revenue of $1.02 billion that was reported by the solar energy company in its second quarter of 2016. However, it did come in above analysts’ revenue estimate of $571.50 million for the second quarter of 2017.

First Solar, Inc. also notes that it had close to 900MWdc of shipments and bookings of 1.5GWdc for the second quarter of 2017. It is also still seeing strong demand for its Series 4 products, and is preparing its Series 6 products.

FSLR stock was up 7% as of Friday morning and is up 49% year-to-date.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

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