First Solar (NASDAQ:FSLR) was trading over 17% higher today after announcing earnings of US$94.5 million or 93 cents per share in the second quarter, several orders of magnitude greater than the 4 cents per share of the same period a year ago.
The Tempe, Arizona, based group, which designs and makes solar modules and photovoltaic systems, announced revenues of US$896 million, about 40% higher than the US$ 544 million from a year ago.
Analysts on average expected a quarterly EPS of US$ 0.49 on revenues of US$790 million. Over the year, the group is targeting sales of between 3.5 and 3.6 billion dollars and EPS between US$3.30 and US$3.60.
In a statement, First Solar attributed its success to “higher systems project revenue, project cost improvements, and a discrete tax benefit in the second quarter of approximately $42 million…The increase in net sales from the prior quarter resulted from increased revenue recognition on the Silver State South project and the sale of majority interests in the North Star and Lost Hills-Blackwell projects.”
First Solar “achieved significant financial and technological milestones this past quarter with the IPO of 8point3 Energy Partners and a new record module conversion efficiency of 18.6%,” said First Solar’s CEO Jim Hughes.