First Solar (NASDAQ:FSLR) Announces Quarterly Earnings Results, Beats Estimates By $0.30 EPS

First Solar (NASDAQ:FSLR) posted its earnings results on Wednesday. The solar cell manufacturer reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.30, Briefing.com reports. The company had revenue of $794.10 million during the quarter, compared to analysts’ expectations of $718.19 million. First Solar had a net margin of 28.75% and a return on equity of 16.24%. First Solar’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period last year, the company posted $0.40 earnings per share. First Solar updated its FY24 guidance to $13.00-14.00 EPS and its FY 2024 guidance to 13.000-14.000 EPS.

First Solar Trading Up 6.1 %

Shares of First Solar stock opened at $191.55 on Friday. The company has a current ratio of 2.41, a quick ratio of 2.92 and a debt-to-equity ratio of 0.06. First Solar has a 12-month low of $129.21 and a 12-month high of $232.00. The firm has a market capitalization of $20.50 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 0.31 and a beta of 1.37. The firm’s 50 day simple moving average is $166.57 and its two-hundred day simple moving average is $158.28.

Insider Buying and Selling at First Solar

In other First Solar news, Director R Craig Kennedy sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $157.76, for a total transaction of $236,640.00. Following the transaction, the director now owns 15,641 shares in the company, valued at approximately $2,467,524.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other First Solar news, Director R Craig Kennedy sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $157.76, for a total transaction of $236,640.00. Following the transaction, the director now owns 15,641 shares in the company, valued at approximately $2,467,524.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Georges Antoun sold 2,400 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $176.00, for a total transaction of $422,400.00. Following the completion of the sale, the insider now owns 37,412 shares in the company, valued at approximately $6,584,512. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,620 shares of company stock worth $4,269,540. 0.58% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FSLR has been the subject of a number of recent research reports. Guggenheim dropped their price objective on shares of First Solar from $359.00 to $356.00 and set a “buy” rating for the company in a research note on Thursday. UBS Group lifted their price objective on shares of First Solar from $250.00 to $252.00 and gave the stock a “buy” rating in a research note on Thursday. Janney Montgomery Scott initiated coverage on shares of First Solar in a research note on Friday, April 12th. They issued a “buy” rating and a $236.00 price objective for the company. Jefferies Financial Group lifted their price objective on shares of First Solar from $209.50 to $211.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Susquehanna reissued a “positive” rating and issued a $258.00 price objective on shares of First Solar in a research note on Friday, April 5th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $238.16.

First Solar Company Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.