First Solar Soars After Hours On Blow Out Q3 Results
First Solar (FSLR) shares are soaring after hours on a blow-out third quarter report. First Solar reported revenue of $159 million, with EPS of 58 cents a share, including a gain of 9 cents from reversal of valuation allowances. The Street had been looking for $120.43 million and 19 cents. The company said it completed ramp of its German production facility “well ahead of schedule,” resulting in “highly leveraged growth during the quarter and provided our customers with additional production volumes in a continued robust demand environment.”
In after hours trading, First Solar is up $36.88, or 22.1%, at $204.
From 24/7 Wall Street:
First Solar Rides Cosmic Rays (FSLR)
First Solar (NASDAQ:FSLR) is trading so well after-earnings that it might be thought of as "First Stellar." The solar company posted net income of $46.0 million, or $0.58 EPS after a $0.09 tax benefit. FirstCall had estimates at $0.19 EPS and revenues at $120 million.
The company said that it successfully completed the ramp of a German production facility well ahead of schedule. That afforded highly leveraged growth during the quarter and gave customers additional production volumes in a "continued robust demand environment."
Unfortunately no guidance was offered. Without guidance we will hold off any formal ruling, although with an outperformance of this sort it is hard to imagine the numbers were all caught up by analysts.
Jon C. Ogg
November 7, 2007
And from MarketWatch:
|31 minutes ago||Stocks to Watch: Stocks in focus for Thursday|
|6:31 PM today||Earnings Watch: Updates, advisories and surprises|
|5:59 PM today||After Hours: Cisco, AIG shares lower after results; First Solar shines|
|4:40 PM today||First Solar shares up 13% at $188 in after-hours trading|
|4:25 PM today||First Solar net income rises about 10x|
|4:15 PM today||First Solar Q3 net 58c vs. 6c yr-ago|
|4:15 PM today||First Solar Q3 revenue $149 mln vs. $41 mln|
|8:43 AM 10/30/07||Special Report: From Netscape to Google: The hottest companies of the past decade|