TEMPE, Ariz. – Shares of First Solar rose in aftermarket trading Tuesday after the largest U.S. solar company's second-quarter results surpassed Wall Street expectations.
First Solar said its revenue climbed 65 percent from a year ago as it received more revenue from its Silver State South plant in Nevada and sold majority interests in two projects in California. Its revenue exceeded analyst estimates by about $150 million.
First Solar shares rose $2.95, or 6.6 percent, to $47.45 in aftermarket trading.
The company said its net income totaled $94.5 million, or 93 cents per share, including a $42 million tax benefit. Its revenue grew to $896.2 million.
Analysts expected net income of 42 cents per share and $746.3 million in revenue, according to Zacks Investment Research.
The Tempe, Arizona-based company said it expects to report an annual profit of $3.30 to $3.60 per share on $3.5 billion to $3.6 billion in revenue.
FactSet says analysts expect net income of $2.10 per share and $3.36 billion in revenue, on average.
Shares of First Solar Inc. have fallen 30 percent over the last 12 months and closed at $44.50 on Tuesday. The stock has traded between $73.78 and $39.18 over the last year.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FSLR at http://www.zacks.com/ap/FSLR
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Keywords: First Solar, Earnings Report
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