From Tech Trader Daily:
Here's the earnings call transcript at Seeking Alpha.
In an otherwise grim environment for the solar sector, First Solar (FSLR) yesterday posted stellar Q1 results, and provided the catalyst for today’s big jump in the company’s stock price. But be careful about extrapolating First Solar’s success to other solar companies: Unlike most of the industry, FSLR does not rely on polysilicon to produce its modules, which insulates the company from the volatile poly market. Among the company’s charms is the fact that it has been producing solar modules at a much lower cost than its silicon-based rivals - and in fact asserted on a conference call with the Street yesterday that its own approach would be competitive even if poly prices went to zero.
Meanwhile, note that the company on the call said that it has begun to seek a successor for CEO Michael Ahearn, who will eventually move into the chairman’s role and focus on lobbying for changes in government energy policy.The analysts were for the most part falling all over themselves to heap praise on First Solar this morning; many raised price targets, most raised estimates, and even the bears conceded that the company produced a pretty impressive quarter....MORE