First Solar Shares Jump 14% On Big Earnings Beat, Strong Outlook

By Wallace Witkowski Markets MarketWatch Pulse

First Solar Inc. shares rallied in the extended session Thursday after the solar-panel company soundly beat Wall Street estimates for both its quarterly results and outlook. First Solar shares surged 14% to $51.26 after hours. The company reported second-quarter net income of $52 million, or 50 cents a share, versus a loss of $11.4 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 64 cents a share. Revenue fell to $623.3 million from $1.02 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 4 cents a share on revenue of $571.5 million. For the full year, First Solar estimates adjusted earnings of $2 to $2.50 a share on revenue of $3 billion to $3.1 billion. Analysts had previously forecast 57 cents a share on $2.9 billion.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.