First Solar, Inc. (NASDAQ: FSLR) is finding some redemption after its earnings report. The U.S. solar giant has reported earnings of $1.27 EPS on $957 million in revenues for its second quarter. Thomson Reuters had estimates down at only $0.90 EPS and almost $820 million in revenue. The company also said that CEO James Hughes was being added to the Board of Directors.
For the year 2012, First Solar is targeting earnings of $4.20 to $4.70 in earnings per share and it is targeting revenues in a range of $3.6 billion to $3.9 billion. Thomson Reuters has estimates pegged at $3.95 EPS and $3.48 billion in revenue for all of 2012.
Another development is that its Campo Verde project is now put to start in the third quarter and the solar player expects that it will be completed in 2013.
Cash and marketable securities at the end of the second quarter came to $744 million, down from $750 million at the end of the first quarter of 2012.
First Solar shares closed down 4.75% at $14.80 and the stock is trading up 11.3% at $16.48 in the after-hours trading. This trading is important if it can hold up because this would be a high going all the way back to May.
JON C. OGG
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