First Solar (FSLR) reported quarterly earnings results on Wednesday, Aug-3-2016. The company said it had a profit of $0.87 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.32. Analysts had a consensus of $0.55. The company posted revenue of $934.00 million in the period, compared to analysts expectations of $862.68 million. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS.
Many Wall Street Analysts have commented on First Solar. Shares were Downgraded by Deutsche Bank on Jul 7, 2016 to ” Hold” and Lowered the Price Target to $ 44 from a previous price target of $80 .First Solar was Initiated by Wells Fargo to “Market Perform” on Jun 2, 2016.
First Solar opened for trading at $47.25 and hit $47.77 on the upside on Tusday, eventually ending the session at $47.76, with a gain of 0.80% or 0.38 points. The heightened volatility saw the trading volume jump to 29,86,569 shares. Company has a market cap of $4,883 M.
In a different news, on May 3, 2016, James Alton Hughes (Chief Executive Officer) sold 12,884 shares at $55.53 per share price. According to the SEC, on Apr 18, 2016, Timothy Brian Rebhorn (EVP, Corp Dev & Strategic Mktg) sold 18,335 shares at $61.27 per share price. On Apr 14, 2016, Raffi Garabedian (Chief Technology Officer) sold 2,467 shares at $61.25 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.