First Solar (FSLR) posted strong 3rd quarter results after the bell today beating analyst estimates as well as the whispernumber of $2.10. The expectations are always high for FSLR and thecompany delivered, but apparently it’s still not enough because thestock is down 5% in after hours trading. This is likely just a sellthe news scenario after a healthy run in the past few months.
The company posted a non GAAP EPS of $2.21/share on revenues of$798 million vs the analyst estimates of $1.94 and $779 millionrespectively. EPS rose 23% over the year ago quarter while revenuessurged 66%. Just a real strong quarter and a new record for thecompany for both EPS and revenues.
“We continue to execute on our growth strategy and to developsustainable markets for solar electricity,” said Rob Gillette, CEO ofFirst Solar. “Our investment in research and development combined withplans to nearly double our manufacturing capacity will help us meetrobust customer demand while continuing to drive down the cost of solarpower.”
Looking ahead, the company sees sales of $2.58 – $2.61 billionfor 2010 which is slightly above previous guidance of $2.5 – $2.6billion. They see EPS between $7.50 – $7.65 which is significantlyabove the previous guidance of $7.00 – $7.40.
Shares of FSLR are down about 5% AH and may need to test supportat the 50 day moving average around $140. This is the key level. Aclose below $140 and FSLR starts looking a bit more bearish, but Idefinitely think these numbers are more than strong enough to keep FSLRtrading above the 50 day moving average. Let’s see how analysts reacttomorrow.
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