First Solar Earnings: Misses Whisper Number, Keeps Yearly Guidance (FSLR)
First Solar is selling off more than 15% in after hours trading andtaking out key support levels again after the company beat Wall Stestimates of 1.73/share, but missed the whisper number of 1.90 share. The company also missed by a wide margin on the revenue number but heldfirm with its full year revenue forecast of $1.975 – 2.025 billionwhich is at the high end of the previous range. All in all, a mixedreport out of First Solar (FSLR) which this quarter isn’t being treatedtoo kindly by traders.
The company reported an EPS number of 1.79/share which was 49%ahead of the year ago quarter, but broke a streak of five straightquarters of sequential growth. Revenues came in 38% higher from theyear ago quarter at $480 million, but was well short of Wall Stestimates of $528 million. It should be noted however that $58 millionin revenues from its Canadian Sarnia project which was sold to Enbridgea few weeks ago wasn’t included this quarter.
Shares of FSLR have taken out key support of both the 50 and200 day moving averages in after hours trading. If the stock can’trebound quickly, the next likely support area is in the 100 – 110range. I’ll have more on the First Solar quarter tomorrow if I canfind the time.
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