First Solar surges 13% after the solar-panel manufacturer posts a massive jump in 3rd-quarter sales
First Solar
- First Solar's strong third-quarter earnings sent its stock price as high as 13% in pre-market trading on Wednesday.
- The solar-panel maker posted a rise of nearly 70% in sales during the quarter, allowing it to reinstate full-year guidance that it previously withdrew because of uncertainty related to the severity and duration of the COVID-19 pandemic.
- For 2020, the company said it expects to earn between $2.6 billion to $2.9 billion, as its productive capacity has been averaging over 100% at all of its factories.
- First Solar shares have gained about 54% this year.
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First Solar shares surged as much as 13% in pre-market trading on Wednesday after posting a massive jump in third-quarter sales.
The solar-panel manufacturer said its sales rose 70% year-on-year in the quarter, and brought back its full-year guidance that was previously withdrawn to account for coronavirus-related uncertainty.
"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," Mark Widmar, First Solar's CEO, said in a statement.
The Arizona-based company earned a revenue of $928 million, or $1.45 a share, in the third-quarter, up from $546.8 million, or 29 cents a share, in the same period last year.
For 2020, First Solar expects to deliver net sales in the range of $2.6 billion to $2.9 billion owing to a "strong fleet-wide production" with productive capacity averaging over 100% at all of its factories.
Shares in the company are up 54% this year, compared to the S&P 500's 7% gain this year, and was trading around $82 at Tuesday's close.
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