First Solar Inc. shares rose greater than 5% within the prolonged session Tuesday after traders appeared previous a blended quarter for the solar-power firm to cheer steerage for the yr.
First Solar
FSLR,
earned $349 million, or $3.25 a share, within the fourth quarter, in contrast with $268 million, or $2.50 a share, within the year-ago interval.
Revenue rose by $400 million to $1.2 billion, the corporate stated. Analysts polled by FactSet anticipated earnings of $3.19 a share on gross sales of $1.3 billion.
The firm guided for 2024 web gross sales between $4.4 billion and $4.6 billion, and EPS between $13 and $14 for the yr.
That compares with FactSet expectations of EPS round $13.26 a share on gross sales of $4.56 billion. In 2023, the corporate notched web gross sales of $3.3 billion, and EPS of $7.74.
First Solar’s earnings come as most solar-power firms proceed 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 gross sales that have been decrease than what Wall Street was anticipating.
Earlier Tuesday, SunPower Corp.
SPWR,
stated that Chief Executive Peter Faricy left the corporate, efficient Monday.
The ongoing downdraft for the photo voltaic trade stems from decrease demand amid excessive rates of interest and regulatory modifications in California, in addition to rising inventories.
The Invesco Solar ETF
TAN
is down 43% prior to now 12 months, contrasting with positive factors of round 28% for the S&P 500 index
SPX.
Source web site: www.marketwatch.com
