First Solar (FSLR) reported quarterly earnings results on Wednesday, Apr-27-2016. The company said it had a profit of $1.60 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.63. Analysts had a consensus of $0.97. The company posted revenue of $848.00 million in the period, compared to analysts expectations of $940.04 million. The company’s revenue was up 80.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.62 EPS.
Many Wall Street Analysts have commented on First Solar. First Solar was Initiated by Guggenheim to “Buy” on Apr 13, 2016. Shares were Reiterated by Mizuho on Apr 6, 2016 to “Neutral” and Lowered the Price Target to $ 67 from a previous price target of $71 .Mizuho Initiated First Solar on Mar 31, 2016 to “Neutral”, Price Target of the shares are set at $71.
First Solar closed down -0.4 points or -0.65% at $61.54 with 14,75,607 shares getting traded on Friday. Post opening the session at $62.23, the shares hit an intraday low of $61.23 and an intraday high of $62.77 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
In a different news, on Apr 18, 2016, Timothy Brian Rebhorn (EVP, Corp Dev & Strategic Mktg) sold 18,335 shares at $61.27 per share price. According to the SEC, on Apr 14, 2016, Raffi Garabedian (Chief Technology Officer) sold 2,467 shares at $61.25 per share price. On Apr 11, 2016, Philip Dejong (Chief Operating Officer) sold 6,379 shares at $61.82 per share price, according to the Form-4 filing with the securities and exchange commission.
First Solar Inc. is a global provider of solar energy solutions. The Company designs manufactures and sells photovoltaic (PV) solar modules and also develops designs constructs and sells PV solar power solutions. The Company operates through two segments: components and systems. The Companys components segment involves the design manufacture and sale of solar modules which convert sunlight into electricity. The systems segment provides turn-key PV solar power systems or solar solutions for systems primarily using its solar modules. The Company also manufactures crystalline silicon solar modules and single-axis mounting systems with tracking capabilities. The Company offers its products and services for residential commercial and industrial applications including solar power system project developers system integrators and solar plant operators throughout the Americas Asia Australia the Middle East and Africa.