First Solar Leads S&P 500 Gainers After An Earnings Surprise

First Solar

shares gained more than any other S&P 500 stock early Thursday, after it more than doubled its second-quarter revenue and boosted its earnings guidance. The maker of solar panels posted net income of $111 million, or $12.7 a share, up 82% from 61.1 million, or 70 cents a year earlier. Analysts had been expecting earnings of 90 cents, on average. "We have more investors seeking to buy our projects than we have projects to sell them," said CEO Jim Hughes on the company's post-earnings conference call. It marked a stark turnaround for a company that shuttered its factory in Germany earlier this year and cut 2,000 jobs amid a solar supply glut and brutal industry pricing. Shares rose more than 20% to $18.92 in Nasdaq trading, to levels not seen since early May. The stock is still down more than 60% from its year high near $50, and more than 85% since last year's peak. Revenue rose to $957 million, up from $425 million a year earlier and $460 million in the first quarter. Management said it saw an increase in both the number and size of projects in the quarter, including its Antelope Valley Solar Ranch 1 project in California. Management now expects full-year earnings in a range of $4.20 to $4.70 a share, up from its previous view of $4 to $4.50 The company on its conference call said it expects to produce 1800 to 1900 megawatts of panels this year, up from a previous range of 1400 to 1700 megawatts.