First Solar Beats, Maintains Guidance, But Shares Slump
Tate Dwinnell submits: The reaction to last night’s earnings in shares of First Solar (FSLR) is really nothing new. This is one of those companies where traders have lofty expectations and whatever it does can never seem to please. It seems traders are always picking through the report to discover the negatives, looking for a reason to sell. That’s the case again today.The company beat estimates after the bell yesterday on both the top and bottom line. The company reported an EPS of $1.33 (vs. the analyst estimate for $1.16) on revenues of $567 million (vs. the estimate for $544 million). I suppose traders were disappointed in declining margins, were looking for stronger guidance and are still uncertain about what’s going to happen in Italy, but FSLR did keep guidance intact, reiterating last quarter’s guidance for 2011. It still expects EPS in the range of $9.25-9.75 on revenue of $3.7-3.8 billion.“DespiteComplete Story »
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