Shares of First Solar, Inc. (NASDAQ: FSLR) jumped more than 8% in pre-market trading Friday after the company reported strong Q2 earnings and revenues, beating all expectations.
The solar energy giant reported quarterly earnings of $1.85 per share, beating the Zacks Consensus Estimate of $0.95 per share. This signifies a massive year-over-year growth compared to earnings of $0.52 per share in the previous year, with all figures adjusted for non-recurring items. The Q2 earnings surprise stands at 94.74%.
In the previous quarter (Q1), First Solar reported a profit of 40 cents per share, falling short of Wall Street expectations. The average estimate from 17 analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share, making the subsequent Q2 results all the more remarkable.
First Solar revenues for the quarter ended June 2023 reached $810.67 million, surpassing the Zacks Consensus Estimate by 12.53%. This is a significant increase compared to the year-ago revenues of $620.96 million. First Solar has beaten consensus revenue estimates twice in the last four quarters.
First Solar forecasts full-year earnings in the range of $7 to $8 per share, with revenue projected to be between $3.4 billion and $3.6 billion.
As of the latest update, FSLR stock is trading at $215.50, marking an 8.40% increase over the last trading session. Investors have been pleased with First Solar’s consistent growth, as its shares have gained approximately 31.8% since the beginning of the year, outperforming the S&P 500 gain of 18.9%.