Solar panel manufacturer First Solar (NASDAQ: FSLR) will be reporting earnings this Thursday after market hours. Here’s what to expect.
First Solar beat analysts’ revenue expectations by 4.9% last quarter, reporting revenues of $1.10 billion, up 8.6% year on year. It was a strong quarter for the company, with a solid beat of analysts’ revenue estimates and full-year revenue guidance exceeding analysts’ expectations.
Is First Solar a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting First Solar’s revenue to grow 79.4% year on year to $1.59 billion, improving from the 10.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $4.22 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. First Solar has missed Wall Street’s revenue estimates four times over the last two years.
Looking at First Solar’s peers in the renewable energy segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 57.1%, beating analysts’ expectations by 22.8%, and Nextracker reported revenues up 42.4%, topping estimates by 8.6%. Nextracker traded up 8.8% following the results.
Read our full analysis of Bloom Energy’s results here and Nextracker’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 3.1% on average over the last month. First Solar is up 7.2% during the same time and is heading into earnings with an average analyst price target of $243.70 (compared to the current share price of $239.59).
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