First Solar Q3 Results Top Estimates; Reinstates Q4 Guidance

(RTTNews) - First Solar Inc. (FSLR) reported that its third-quarter net income surged to $155.04 million or $1.45 per share from $30.62 million or $0.29 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the third quarter were $927.57 million, up from $546.81 million in the previous year. Analysts expected revenue of $693.13 million for the quarter.

The company reinstated financial guidance for the fourth quarter 2020 and provided implied full-year 2020 guidance. The company previously withdrew its full-year 2020 guidance on May 7, 2020 citing the significant uncertainties regarding the severity and duration of the COVID-19 pandemic.

For the fourth-quarter, the company expects earnings per share to be in the range of $1.00 to $1.50, and net sales of $540 million to $790 million. Analysts expect the company to report earnings of $1.07 per share and revenues of $814.63 million for the fourth-quarter.

Looking ahead for 2020, the company projects earnings per share to be in the range of $3.65 to $4.15 and net sales of $2.6 billion to $2.9 billion. Wall Street currently is looking for fiscal year 2020 earnings of $2.86 per share on annual revenues of $2.67 billion.