Expert Ideas: First Solar issued fiscal 2025 net sales guidance of $5.3 billion to $5.8 billion, versus Truist's estimate of $5.55 billion. The guidance was particularly positive in light of prior concerns around project delays, Levy said. 

Read Next: Tesla Competes Against Chinese Rivals ‘With One Hand Tied Behind Its Back’: Analyst

The company shipped 5.1 GW of panels in the quarter, which was in line with Truist's expectations, and reported a backlog of 68.5 GW through 2030. 

First Solar CEO Mark Widmar addressed both figures in the earnings press release. 

"Even as we maintained a highly selective approach to bookings, we expanded manufacturing capacity by commissioning our Alabama facility and progressed construction of our new Louisiana facility, established the infrastructure we anticipate will accelerate innovation with a new R&D center in Ohio, and produced and shipped a historic volume of modules," Widmar added.

Levy maintained First Solar stock with a Buy rating, but lowered the price target from $300 to $285. 

Other analysts updated coverage on First Solar following the print, including: 

FLSR Price Action: According to Benzinga Pro, First Solar shares are up 8.4% at $159.95 at the time of publication Wednesday. 

Read Next: 

• Nvidia Earnings On Deck, SMCI Regains Compliance: What’s Driving Markets Wednesday? 

Image: Shutterstock