First Solar earnings, revenue bring upside as stock shoots higher

Shares of First Solar Inc.
FSLR,
+0.70%
were moving more than 6% higher in Thursday’s aftermarket action after the solar-technology company easily cleared expectations with its second-quarter results. The company notched net income of $171 million, or $1.59 a share, compared with net income of $56 million, or 52 cents a share, in the year-earlier period. The FactSet consensus was for $1.00 a share in earnings. Net sales increased to $811 million from $621 million, while analysts were looking for $711 million. “The second quarter of the year continued the steady progress established in the first, as we ramped up production and delivery of our next-generation Series 7 modules, reinforced our global leadership in thin-film [photovoltaic modules] with a strategic acquisition, and continued our strong bookings and [average selling price] momentum,” Chief Executive Mark Widmar said in a release.