First Solar Shares Higher After Company Beats Sales, Earnings Predictions

By Claudia AssisMarketsMarketWatch Pulse

First Solar Inc. shares rose 1.6% late Tuesday after the solar-panel maker and solar-power developer reported fourth-quarter adjusted earnings and sales above expectations. First Solar said it lost $6.92 a share in the quarter, versus earnings of $1.63 a share in the year-ago period. Adjusted for one-time items, First Solar earned $1.24 a share in the quarter. Sales fell to $480 million in the quarter from $942 million a year ago. Analysts polled by FactSet had expected adjusted earnings of $1.01 a share on sales of $404 million for the Tempe, Ariz., company in the quarter. First Solar also tweaked higher its expectations for 2017 sales to between $2.8 billion and $2.9 billion, from a range between $2.5 billion and $2.6 billion. Shares ended the regular trading session up 5.1%.

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