First Solar (FSLR) reported quarterly results late Thursday that fell below expectations but provided a first-quarter outlook above estimates. First Solar stock edged down.
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The company reported adjusted earnings of $1.08 a share on revenue of $609.2 million. Wall Street expected First Solar to report earnings of $1.24 a share on revenue of $715.3 million.
First Solar stock dipped 0.5%, near 81, during after-hours trading on the stock market today.
First Solar specializes in high-efficiency thin-film solar panels used mainly in utility-scale and some commercial installations.
The company expects first-quarter revenue in the range of $2.85 billion to $3 billion. The midpoint of $2.9 billion is above Wall Street estimates of $3 billion. It expects adjusted earnings in the range of $4.05 to $4.75 a share, above estimates of $3.50 a share.
The outlook for solar stocks is bolstered by investors speculating on an environmental infrastructure boom. Solar stocks are one part of a sustainable investments landscape that is attracting record levels of stock market capital, even in an economy upended by the coronavirus pandemic.
IBD’s Energy-Solar industry group tracks solar energy leaders. That group ranked No. 9 on IBD’s list of 197 industry groups on Thursday. The leading stocks in that group are Daqo New Energy (DQ), Shoals Technologies (SHLS), First Solar and Enphase (ENPH).
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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