Solar panel manufacturer First Solar (NASDAQ: FSLR) will be reporting results this Thursday after the bell. Here’s what to expect.
First Solar met analysts’ revenue expectations last quarter, reporting revenues of $844.6 million, up 6.4% year on year. It was a disappointing quarter for the company, with full-year revenue guidance missing analysts’ expectations significantly and full-year EPS guidance missing analysts’ expectations significantly.
Is First Solar a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting First Solar’s revenue to grow 3.5% year on year to $1.05 billion, slowing from the 24.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.68 per share.
The majority of analysts covering the company have 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 five times over the last two years.
Looking at First Solar’s peers in the electrical equipment segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Nextracker delivered year-on-year revenue growth of 20%, beating analysts’ expectations by 2.3%, and Enphase reported revenues up 19.7%, topping estimates by 1.3%. Enphase traded down 14.2% following the results.
Read our full analysis of Nextracker’s results here and Enphase’s results here.
There has been positive sentiment among investors in the electrical equipment segment, with share prices up 5.5% on average over the last month. First Solar is up 9.8% during the same time and is heading into earnings with an average analyst price target of $204.38 (compared to the current share price of $181.71).
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