Tags: First | Solar | Stock | Sales

First Solar Stock Soars 45% on Sales Forecast

Tuesday, 09 Apr 2013 05:21 PM

Shares of First Solar Inc., the world's largest thin-film solar manufacturer, surged the most on record after the company forecast 2013 sales that would exceed estimates.

The shares gained 45 percent to $39.25 in New York, after climbing as much as 52 percent, the biggest intraday gain since the Tempe, Arizona-based company’s November 2006 initial public offering.

First Solar anticipates sales of $3.8 billion to $4 billion this year as it begins to recognize revenue for its Desert Sunlight project in southern California, according to a statement Tuesday.

The company expects revenue of about $12 billion over the next three years, Chief Financial Officer Mark Widmar said at the company’s analyst meeting Tuesday. That may reassure analysts concerned the solar company is completing and selling large solar farms faster than it’s winning orders for new ones. About a third of the forecast is due to existing contracts and the rest will come from anticipated sales, he said.

A portion of this year’s sales will come from the 550-megawatt Desert Sunlight solar farm the company is building in Southern California.

“We’ll recognize about a third of Desert Sunlight this year and two-thirds in 2014,” Widmar said.

Earnings will be $4 to $4.50 a share, exceeding the $3.57 average of 23 analysts’ estimates compiled by Bloomberg.

Total shipments for the year will be 1.6 gigawatts to 1.8 gigawatts.


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Shares of First Solar Inc., the world's largest thin-film solar manufacturer, surged the most on record after the company forecast 2013 sales that would exceed estimates.
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2013-21-09
Tuesday, 09 Apr 2013 05:21 PM
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