© Reuters. First Solar reports Q2 beat, plans a new factory in the U.S., shares surge 7%
First Solar (NASDAQ:) shares jumped 9% in early Friday trading after the company’s second-quarter results easily topped analyst expectations.
of $1.59 came in better than the consensus estimate of $1.00. Revenue was $811 million, beating the consensus estimate of $722.21M.
For the full 2023 year, the company expects EPS in the range of $7.00-$8.00, compared to the consensus of $7.22, and revenue of $3.4-3.6 billion, compared to the consensus of $3.48B.
Earlier today the company announced it will invest up to $1.1B in building a new, fully vertically integrated, manufacturing facility in the U.S., its fifth in the country.
Morgan Stanley analysts commented:
“We recognize that FSLR has a significant amount of contracted backlog, somewhat de-risking its earnings profile, which is deserving of a premium multiple. That said, valuation is stretched, in our view.”
Wolfe Research analysts said that FSLR is “a bight spot within clean energy.”
“FSLR was a bright spot in a tough clean energy tape. Q2 beat, new bookings were strong with a solid ASP even with falling global prices, and they announced a very accretive new factory. The pace of new bookings and domestic premium paid by customers continues to impress.”
Additional reporting by Senad Karaahmetovic
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