We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
First Solar (FSLR) Q2 Earnings Beat Estimates, Revenues Down Y/Y
Read MoreHide Full Article
First Solar Inc. (FSLR - Free Report) reported second-quarter 2021 adjusted earnings of 77 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 28.3%. The reported figure also soared 120% from the prior-year quarter’s earnings of 35 cents.
Sales Update
First Solar’s sales of $629.2 million in the reported quarter missed the Zacks Consensus Estimate of $632 million by 0.5%. The top line also witnessed a 2.1% decline from the year-ago quarter’s $642.4 million.
Operational Highlights
In the second quarter, gross profit totaled $174.1 million, which increased significantly from $137.5 million reported in the year-ago quarter.
Total operating expenses declined 28.4% to $62 million due to lower selling, general and administrative costs and reduced production start-up costs.
The company reported an operating income of $110.4 million compared to the operating income of $50.9 million reported in the year-ago quarter. The upside can primarily be attributable to significantly higher gross profit in the quarter.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar had $1,346.9 million of cash and cash equivalents as of Jun 30, 2021, up from $1,227 million as of Dec 31, 2020.
Long-term debt totaled $276.1 million at the end of the second quarter compared with $237.7 million as of Dec 31, 2020.
2021 Guidance
The company expects earnings to be $4.00-$4.60 per share on updated sales of $2.875-3.10 billion in 2021.
The Zacks Consensus Estimate for 2021 earnings, pegged at $4.32 per share, lies above the midpoint of the company’s projected range. The Zacks Consensus Estimate for 2021 sales, pegged at $2.94 billion, lies below the midpoint of the guided range.
Meanwhile, First Solar forecasts shipments of 7.6-8.0 gigawatts.
Enphase Energy (ENPH - Free Report) reported second-quarter 2021 adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 42 cents by 26.2%.
Upcoming Solar Releases
SunPower Corporation (SPWR - Free Report) is set to release second-quarter numbers on Aug 3.
Sunrun (RUN - Free Report) is set to release second-quarter 2021 results on Aug 5.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
First Solar (FSLR) Q2 Earnings Beat Estimates, Revenues Down Y/Y
First Solar Inc. (FSLR - Free Report) reported second-quarter 2021 adjusted earnings of 77 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 28.3%. The reported figure also soared 120% from the prior-year quarter’s earnings of 35 cents.
Sales Update
First Solar’s sales of $629.2 million in the reported quarter missed the Zacks Consensus Estimate of $632 million by 0.5%. The top line also witnessed a 2.1% decline from the year-ago quarter’s $642.4 million.
Operational Highlights
In the second quarter, gross profit totaled $174.1 million, which increased significantly from $137.5 million reported in the year-ago quarter.
Total operating expenses declined 28.4% to $62 million due to lower selling, general and administrative costs and reduced production start-up costs.
The company reported an operating income of $110.4 million compared to the operating income of $50.9 million reported in the year-ago quarter. The upside can primarily be attributable to significantly higher gross profit in the quarter.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
Financial Performance
First Solar had $1,346.9 million of cash and cash equivalents as of Jun 30, 2021, up from $1,227 million as of Dec 31, 2020.
Long-term debt totaled $276.1 million at the end of the second quarter compared with $237.7 million as of Dec 31, 2020.
2021 Guidance
The company expects earnings to be $4.00-$4.60 per share on updated sales of $2.875-3.10 billion in 2021.
The Zacks Consensus Estimate for 2021 earnings, pegged at $4.32 per share, lies above the midpoint of the company’s projected range. The Zacks Consensus Estimate for 2021 sales, pegged at $2.94 billion, lies below the midpoint of the guided range.
Meanwhile, First Solar forecasts shipments of 7.6-8.0 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 (ENPH - Free Report) reported second-quarter 2021 adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 42 cents by 26.2%.
Upcoming Solar Releases
SunPower Corporation (SPWR - Free Report) is set to release second-quarter numbers on Aug 3.
Sunrun (RUN - Free Report) is set to release second-quarter 2021 results on Aug 5.