In the third quarter, First Solar (NASDAQ: FSLR) saw an increase in net income, mainly due to climbing revenue. What accounts for the company's robust revenue this quarter? Let's take a look behind the numbers and see what action you should take.
Earnings and Revenue:
First Solar's revenues met Wall Street's expectations, though the company's EPS fell short of predictions. The company reported EPS of $2.25/share versus the $2.67/share estimate and revenues of $1.01 billion versus the $1.01 billion estimate. EPS rose 10.3% while revenue climbed 26.1% from the same period last year.
Last quarter's profit boost ends a two-quarter streak of year-over-year profit decreases. First Solar bounced back last quarter with a year over year revenue increase after three consecutive quarters of revenue declines.
Income:
For the year, First Solar reported net income of $6.08/share. The company fell short of analysts' projections of $6.29/share. According to the reported number, the company's income rose 11.1% from last year's levels.
Conference Call:
The conference call for third quarter earnings can be accessed here.
Official Comment:
"First Solar's performance in the quarter reflects our superior technology, strong execution capability, and integrated business model - all of which have enabled us to weather a difficult market environment relatively well," said Mike Ahearn, Chairman of the Board and Interim Chief Executive Officer of First Solar. "Going forward, our goal is not just to survive the current environment, but to transcend it by creating and expanding markets worldwide that do not depend on today's subsidy programs. This requires that we re-focus our strategy and commit our resources to solving the pressing energy needs that exist in much of the world."
Industry:
First Solar's industry, solar, is currently reporting price/earnings growth of 0.6%.
What to Do Next:
Those are the latest numbers from First Solar, including how the announcement compared to Wall Street estimates. Benzinga consistently provides earnings previews and recaps for major corporate events. Be sure to visit us next quarter for a full First Solar preview.
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