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First Solar (FSLR - Free Report) reported mixed fourth-quarter 2023 results, beating bottom-line estimates but lagging the same for the top line. The results came at a time when the solar industry has been struggling amid a pileup of panels and higher interest rates.
This has put ETFs with the highest allocation to the largest U.S. solar module manufacturer in focus. These include Invesco Solar ETF (TAN - Free Report) , Global X Solar ETF (RAYS - Free Report) , iShares Global Clean Energy ETF (ICLN - Free Report) , First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report) and Global X CleanTech ETF (CTEC - Free Report) .
First Solar reported earnings per share of $3.25, which beat the Zacks Consensus Estimate of $3.19. This is in contrast to a loss of 7 cents reported in the year-ago quarter. Revenues grew 20% year over year to $1.2 billion and came in below the estimated $1.3 billion.
For 2024, the U.S. solar panel maker forecasts revenues of $4.4-$4.6 billion and earnings per share of $13.00-$14.00. CEO Mark Widmar said, “Despite industry macro challenges such as global oversupply and pricing volatility, we continue to see strong mid- to long-term demand, especially in the United States.”
Invesco Solar ETF offers global exposure to the solar industry by tracking the MAC Global Solar Energy Index. It holds 45 stocks in the basket, with First Solar occupying the second position at 10.7% share. American firms dominate with 56.7% of the fund’s portfolio, followed by China (17.2%) and Germany (4.6%).
Invesco Solar ETF has amassed $1.2 billion in its asset base and trades in a solid volume of around 1 million shares a day. It charges investors 67 bps in fees per year and has a Zacks ETF Rank #3 (Hold) with a High-risk outlook.
Global X Solar ETF seeks to invest in companies positioned to benefit from the advancement of the global solar technology industry. It includes companies involved in solar power production, the integration of solar into energy systems, and the development/manufacturing of solar-powered generators, engines, batteries, and other technologies related to the utilization of solar as an energy source. Global X Solar ETF tracks the Solactive Solar Index and holds 50 stocks in its basket, with First Solar taking the third spot with an 8.3% share.
Global X Solar ETF has accumulated $6 million in its asset base and charges 51 bps in annual fees. It trades in an average daily volume of 7,000 shares.
iShares Global Clean Energy ETF provides global exposure to 101 companies that produce energy from solar, wind and other renewable sources by tracking the S&P Global Clean Energy Index. First Solar is the second firm, accounting for 7.9% of the assets. The United States and China take the top two spots in terms of country exposure with 38.1% and 14.4% share, respectively.
iShares Global Clean Energy ETF has AUM of $2.4 billion and charges 41 bps in annual fees and expenses. It trades in a heavy volume of 4 million shares and has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook.
First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report)
First Trust NASDAQ Clean Edge Green Energy Index Fund offers exposure to companies engaged in the manufacturing, development, distribution and installation of emerging clean-energy technologies, including solar photovoltaics, wind power, advanced batteries, fuel cells and electric vehicles. It tracks the Nasdaq Clean Edge Green Energy Index and holds 63 stocks in its basket, with First Solar occupying the second position at 7.7% (read: What Does COP 28 Mean for Renewable Energy ETFs?).
First Trust NASDAQ Clean Edge Green Energy Index Fund manages assets worth $827.4 million and charges 58 bps in fees per year. The product trades in an average daily volume of 262,000 shares and has a Zacks ETF Rank #3 with a High risk outlook.
Global X CleanTech ETF seeks to invest in companies that stand to benefit from the increased adoption of technologies that inhibit or reduce negative environmental impacts. These include companies involved in renewable energy production, energy storage, smart grid implementation, residential/commercial energy efficiency, and the production and provision of pollution-reducing products and solutions. Global X CleanTech ETF follows the Indxx Global CleanTech Index and holds 40 stocks in its basket. First Solar makes up for the third spot in the basket, accounting for 6.6% of the assets.
Global X CleanTech ETF has accumulated $48.6 million in its asset base and charges 50 bps in annual fees. It trades in a volume of 22,000 shares a day on average.
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ETFs in Focus After First Solar Q4 Earnings
First Solar (FSLR - Free Report) reported mixed fourth-quarter 2023 results, beating bottom-line estimates but lagging the same for the top line. The results came at a time when the solar industry has been struggling amid a pileup of panels and higher interest rates.
This has put ETFs with the highest allocation to the largest U.S. solar module manufacturer in focus. These include Invesco Solar ETF (TAN - Free Report) , Global X Solar ETF (RAYS - Free Report) , iShares Global Clean Energy ETF (ICLN - Free Report) , First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report) and Global X CleanTech ETF (CTEC - Free Report) .
First Solar reported earnings per share of $3.25, which beat the Zacks Consensus Estimate of $3.19. This is in contrast to a loss of 7 cents reported in the year-ago quarter. Revenues grew 20% year over year to $1.2 billion and came in below the estimated $1.3 billion.
The solar power company reported 2.3 GW of net bookings in the quarter, bringing the year-to-date net bookings to 28.3 GW (read: After a Tough 2023, Solar ETFs Likely to Make a Comeback in 2024).
For 2024, the U.S. solar panel maker forecasts revenues of $4.4-$4.6 billion and earnings per share of $13.00-$14.00. CEO Mark Widmar said, “Despite industry macro challenges such as global oversupply and pricing volatility, we continue to see strong mid- to long-term demand, especially in the United States.”
ETFs in Focus
Invesco Solar ETF (TAN - Free Report)
Invesco Solar ETF offers global exposure to the solar industry by tracking the MAC Global Solar Energy Index. It holds 45 stocks in the basket, with First Solar occupying the second position at 10.7% share. American firms dominate with 56.7% of the fund’s portfolio, followed by China (17.2%) and Germany (4.6%).
Invesco Solar ETF has amassed $1.2 billion in its asset base and trades in a solid volume of around 1 million shares a day. It charges investors 67 bps in fees per year and has a Zacks ETF Rank #3 (Hold) with a High-risk outlook.
Global X Solar ETF (RAYS - Free Report)
Global X Solar ETF seeks to invest in companies positioned to benefit from the advancement of the global solar technology industry. It includes companies involved in solar power production, the integration of solar into energy systems, and the development/manufacturing of solar-powered generators, engines, batteries, and other technologies related to the utilization of solar as an energy source. Global X Solar ETF tracks the Solactive Solar Index and holds 50 stocks in its basket, with First Solar taking the third spot with an 8.3% share.
Global X Solar ETF has accumulated $6 million in its asset base and charges 51 bps in annual fees. It trades in an average daily volume of 7,000 shares.
iShares Global Clean Energy ETF (ICLN - Free Report)
iShares Global Clean Energy ETF provides global exposure to 101 companies that produce energy from solar, wind and other renewable sources by tracking the S&P Global Clean Energy Index. First Solar is the second firm, accounting for 7.9% of the assets. The United States and China take the top two spots in terms of country exposure with 38.1% and 14.4% share, respectively.
iShares Global Clean Energy ETF has AUM of $2.4 billion and charges 41 bps in annual fees and expenses. It trades in a heavy volume of 4 million shares and has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook.
First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report)
First Trust NASDAQ Clean Edge Green Energy Index Fund offers exposure to companies engaged in the manufacturing, development, distribution and installation of emerging clean-energy technologies, including solar photovoltaics, wind power, advanced batteries, fuel cells and electric vehicles. It tracks the Nasdaq Clean Edge Green Energy Index and holds 63 stocks in its basket, with First Solar occupying the second position at 7.7% (read: What Does COP 28 Mean for Renewable Energy ETFs?).
First Trust NASDAQ Clean Edge Green Energy Index Fund manages assets worth $827.4 million and charges 58 bps in fees per year. The product trades in an average daily volume of 262,000 shares and has a Zacks ETF Rank #3 with a High risk outlook.
Global X CleanTech ETF (CTEC - Free Report)
Global X CleanTech ETF seeks to invest in companies that stand to benefit from the increased adoption of technologies that inhibit or reduce negative environmental impacts. These include companies involved in renewable energy production, energy storage, smart grid implementation, residential/commercial energy efficiency, and the production and provision of pollution-reducing products and solutions. Global X CleanTech ETF follows the Indxx Global CleanTech Index and holds 40 stocks in its basket. First Solar makes up for the third spot in the basket, accounting for 6.6% of the assets.
Global X CleanTech ETF has accumulated $48.6 million in its asset base and charges 50 bps in annual fees. It trades in a volume of 22,000 shares a day on average.