First Solar Inc. (FSLR - Free Report) reported first-quarter 2021 adjusted earnings of $1.96 per share, which handily surpassed the Zacks Consensus Estimate of $1.00. The reported figure also soared 130.6% from the prior-year quarter’s earnings of 85 cents. This upside is primarily attributable to strong sales, coupled with impressive manufacturing execution.
Sales
First Solar’s sales of $803.4 million in the reported quarter exceeded the Zacks Consensus Estimate of $695 million. Moreover, the top line surged 51% from the year-ago quarter’s $532.1 million.
Operational Highlights
In the first quarter, gross profit totaled $184.8 million, which surged significantly from the $90.3 million reported in the year-ago quarter.
Total operating expenses declined 6.1% to $83.3 million due to lower selling, general and administrative expenses as well as reduced research and development expenses.
However, the company reported an operating income of $252.3 million compared with the operating income of $1.65 million reported in the year-ago quarter. This upside is mainly attributable to the significantly higher gross profit during the quarter.
First Solar, Inc. Price, Consensus and EPS Surprise
Financial Performance
First Solar had $972.9 million of cash and cash equivalents as of Mar 31, 2021, down from $1,227 million as of Dec 31, 2020.
Long-term debt totaled $254.4 million at the end of the first quarter compared with $237.7 million as of Dec 31, 2020.
2021 Guidance
The company expects to maintain earnings of $4.05-$4.75 per share on updated sales of $2.85-3.025 billion in 2021.
The Zacks Consensus Estimate for 2021 earnings, pegged at $4.39 per share, lies near to the mid-point of the company’s projected range. The Zacks Consensus Estimate for the ongoing-year sales, pegged at $2.92 billion, lies below the mid-point of the guided range.
Moreover, the company expects to incur operating expenses of $285-$300 million.
Meanwhile, First Solar forecasts shipments of 7.8-8.0 gigawatts.
Zacks Rank
First Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Solar Release
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents.
Upcoming Solar Releases
Sunrun (RUN - Free Report) is set to release first-quarter 2021 results on May 5.
SunPower Corporation (SPWR - Free Report) is scheduled to report quarterly numbers on May 5.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
First Solar Inc. (FSLR - Free Report) reported first-quarter 2021 adjusted earnings of $1.96 per share, which handily surpassed the Zacks Consensus Estimate of $1.00. The reported figure also soared 130.6% from the prior-year quarter’s earnings of 85 cents. This upside is primarily attributable to strong sales, coupled with impressive manufacturing execution.
Sales
First Solar’s sales of $803.4 million in the reported quarter exceeded the Zacks Consensus Estimate of $695 million. Moreover, the top line surged 51% from the year-ago quarter’s $532.1 million.
Operational Highlights
In the first quarter, gross profit totaled $184.8 million, which surged significantly from the $90.3 million reported in the year-ago quarter.
Total operating expenses declined 6.1% to $83.3 million due to lower selling, general and administrative expenses as well as reduced research and development expenses.
However, the company reported an operating income of $252.3 million compared with the operating income of $1.65 million reported in the year-ago quarter. This upside is mainly attributable to the significantly higher gross profit during the quarter.
First Solar, Inc. Price, Consensus and EPS Surprise
Financial Performance
First Solar had $972.9 million of cash and cash equivalents as of Mar 31, 2021, down from $1,227 million as of Dec 31, 2020.
Long-term debt totaled $254.4 million at the end of the first quarter compared with $237.7 million as of Dec 31, 2020.
2021 Guidance
The company expects to maintain earnings of $4.05-$4.75 per share on updated sales of $2.85-3.025 billion in 2021.
The Zacks Consensus Estimate for 2021 earnings, pegged at $4.39 per share, lies near to the mid-point of the company’s projected range. The Zacks Consensus Estimate for the ongoing-year sales, pegged at $2.92 billion, lies below the mid-point of the guided range.
Moreover, the company expects to incur operating expenses of $285-$300 million.
Meanwhile, First Solar forecasts shipments of 7.8-8.0 gigawatts.
Zacks Rank
First Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Solar Release
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents.
Upcoming Solar Releases
Sunrun (RUN - Free Report) is set to release first-quarter 2021 results on May 5.
SunPower Corporation (SPWR - Free Report) is scheduled to report quarterly numbers on May 5.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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