First Solar gains after 'reassuring' Q3 results

First Solar (NASDAQ: FSLR) reported mixed Q3 results, with EPS of $2.50 coming in better than the consensus estimate of $2.05.

Revenue grew 27.3% year-over-year (down 1.18% quarter-over-quarter) to $801 million, missing the consensus estimate of $904.11M, primarily driven by a reduction in the volume of modules sold.

Shares rose 3.5% in early Wednesday trade.

“Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology,” said CEO Mark Widmar.

For the full 2023 year, the company expects EPS in the range of $7.20-$8.00 (vs. prior $7.00-$8.00), compared to the consensus of $7.65, and revenue in the range of $3.4-$3.6 billion, compared to the consensus of $3.52B.

Citi analyst Vikram Bagri said the results were "reassuring."

"While the company is booking for even 2030, the pace of bookings will understandably moderate as future commitments are too far out for some customers. We do not believe future deliveries/contracts are at risk. We expect the stock to outperform today," the analyst said.

By Davit Kirakosyan

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