First Solar (FSLR) shares are trading sharply higher on better-than-expected Q1 results.
For the quarter, FSLR reported revenue of $568 million, up 36% from a year ago, and ahead of the Street at $540.6 million. Profits of $2 a share were nicely ahead of the Street at $1.63. The company said the impressive results reflects strong module demand and increased production, partially offset by lower prices.
For the full year, the company sees sales of $2.6 billion to $2.7 billion and profits of $6.85 to $7.30 a share, including diluted of 9-10 cents a share for its pending acquisition of NextLight Renewable Power. The Street has been expecting $2.7 billion in revenue and profits of $6.25 a share.
FSLR in late trading is up $8.84, or 6.9%, to $136.97.
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