In early after-market trade the stock is up a couple bucks after dropping $9.51 during the regular session.
From Investor's Business Daily, July 30:
S&P 500 Solar Company Sees Q2 EPS Grow 100% But Stock Adds To Decline Since 2024 Peak
S&P 500 component First Solar (FSLR) reported better-than-expected second-quarter earnings and revenue late Tuesday, with the company's profit growing more than 100%. First Solar also maintained its full-year guidance. FSLR shares angled lower after the market closed Tuesday.
First Solar saw its Q2 EPS grow 104% to $3.25 while sales totaled $1.01 billion, a 25% increase compared to a year ago. Analyst consensus expected earnings of $2.71 per share with revenue coming in at $940 million.
"We are pleased with our financial and operational execution through the first half of this year as we continue to deliver on our commitments," Chief Executive Mark Widmar said in the earnings release Tuesday.
First Solar also kept its full-year outlook steady. In early May, the S&P 500 company forecast 2024 earnings of $13.00-$14.00. That would represent a gain of more than 67% compared to $7.74 per share in 2023.
First Solar also in May projected 2024 revenue of $4.4 billion-$4.6 billion, up more than 30% vs. 2023 levels. First Solar is sold out through 2026 with a backlog of 78 gigawatts extending through 2030.
Last week, Morgan Stanley analyst Andrew Percoco wrote that the perceived risk of a Republican president repealing the Inflation Reduction Act, or IRA, is "overblown." Percoco added that if former President Donald Trump wins the White House in 2024, increased tariffs on China could better position FSLR.
"In a scenario where Trump wins the 2024 election, we would expect FSLR to benefit from greater pricing, enabled by additional tariffs on solar equipment imported into the U.S., or even the perceived risk of incremental tariffs under a potential Trump administration," Percoco said.
Morgan Stanley has a 331 price target on FSLR. Excluding IRA credits, Morgan Stanley has a core equity value of 231 per share.
First Solar Stock Performance....
....MUCH MORE
Here's the company:
The stock is now up $3.86 (+1.83%) at $214.75 after hours, that's enough to get the GoGo's up on stage. More tomorrow (post conference call).
