First Solar Inc. (FSLR - Free Report) reported third-quarter 2018 earnings of 54 cents per share, beating the Zacks Consensus Estimate of 45 cents by 20%. The reported number, however, decreased 72.3% from the prior-year figure of $1.95.
Revenues
First Solar’s revenues of $676 million in the quarter missed the Zacks Consensus Estimate of $684 million by 1.1%. Moreover, revenues deteriorated 37.8% from the year-ago figure of $1,087 million.
Operational Highlights
Gross profit in the reported quarter was $129.1 million, down 55.8% from $291.8 million a year ago.
Total operating expenses contracted 16.7% to $70.7 million due to lower selling, general and administrative expenses, and the mitigation of restructuring and asset impairments expenses.
Operating income during the quarter was $58.5 million, down approximately 71.7% from $207 million in the year-ago quarter.
First Solar, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
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First Solar Inc. (FSLR - Free Report) reported third-quarter 2018 earnings of 54 cents per share, beating the Zacks Consensus Estimate of 45 cents by 20%. The reported number, however, decreased 72.3% from the prior-year figure of $1.95.
Revenues
First Solar’s revenues of $676 million in the quarter missed the Zacks Consensus Estimate of $684 million by 1.1%. Moreover, revenues deteriorated 37.8% from the year-ago figure of $1,087 million.
Operational Highlights
Gross profit in the reported quarter was $129.1 million, down 55.8% from $291.8 million a year ago.
Total operating expenses contracted 16.7% to $70.7 million due to lower selling, general and administrative expenses, and the mitigation of restructuring and asset impairments expenses.
Operating income during the quarter was $58.5 million, down approximately 71.7% from $207 million in the year-ago quarter.
First Solar, Inc. Price, Consensus and EPS Surprise
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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