First Solar results outshine rivals

FSLR is up 24% today, after the earnings got out:

First Solar (NASDAQ:FSLR) reported Q1 EPS of $1.99, far ahead of the $1.51 analysts were expecting. Revenues for the quarter more than doubled year-over-year to $418.2 million, beating consensus estimates of $399.9 million. The company noted that it reached two key production milestones this year; building a total of 1 gigawatt of photovoltaic modules, and its manufacturing costs have dropped below $1 per watt. First Solar also said that the global recession and tightened bank lending will squeeze profit margins for full year 2009 despite federal stimulus grants and loan guarantees for renewable energy.

LOS ANGELES (Reuters) - First Solar Inc outshined rivals in the struggling solar power industry on Wednesday with earnings and revenue that blew past Wall Street estimates and sent its shares up more than 13 percent.

The results stood in sharp contrast to weak performances unveiled earlier in the day from solar players Renewable Energy Corp and Akeena Solar Inc, who have been hurt by plunging demand for solar panels due to a lack of available credit for new projects.

First Solar, whose cadmium telluride solar panels are cheaper to make than the silicon-based cells that dominate the market, said its profit more than tripled in the first quarter as it was able to cut manufacturing costs and expand margins.

Source

Labels: Earnings, First Solar Inc, FSLR, solarstocks

posted by Ertai at 11:27 AM