First Solar predicts a better year ahead, and stock gains
By Claudia Assis
First Solar's stock bucks the industry trend after post-results losses for SunRun, SolarEdge shares
First Solar Inc. shares rose about 5% in the extended session Tuesday after investors looked past a mixed quarter for the solar-power company to cheer guidance for the year.
First Solar (FSLR) earned $349 million, or $3.25 a share, in the fourth quarter, compared with $268 million, or $2.50 a share, in the year-ago period.
Revenue rose by $400 million to $1.2 billion, the company said. Analysts polled by FactSet expected earnings of $3.19 a share on sales of $1.3 billion.
The company guided for 2024 net sales between $4.4 billion and $4.6 billion, and EPS between $13 and $14 for the year.
That compares with FactSet expectations of EPS around $13.26 a share on sales of $4.56 billion. In 2023, the company notched net sales of $3.3 billion, and EPS of $7.74.
First Solar's earnings come as most solar-power companies continue to endure setbacks and headwinds.
Last week, SunRun Inc. (RUN) missed expectations for its fourth quarter, and SolarEdge Technologies Inc. (SEDG) guided for current-quarter sales that were lower than what Wall Street was expecting.
Earlier Tuesday, SunPower Corp. (SPWR) said that Chief Executive Peter Faricy left the company, effective Monday.
The ongoing downdraft for the solar industry stems from lower demand amid high interest rates and regulatory changes in California, as well as rising inventories.
The Invesco Solar ETF TAN is down 43% in the past 12 months, contrasting with gains of around 28% for the S&P 500 index SPX.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
02-27-24 2050ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth