Movement Alert｜First Solar Rises 5.59% in Regular Trading, Q2 Earnings Beat and Guggenheim Target Price Hike Boost Shares

Market Focus08-03 21:58

On August 3, First Solar rose 5.59% in regular trading, trading at $226.96/share, with turnover of $169 million. The rally was driven by Guggenheim raising its price target from $279 to $282 while maintaining a Buy rating, combined with continued momentum from the strong Q2 earnings report.

First Solar reported Q2 earnings per share of $3.92, beating the consensus estimate of $2.86 by 37% and representing a 23% increase from $3.18 in the year-ago period. Revenue came in at $1.056 billion, largely in line with expectations. Net income reached $422.5 million, driven by increased module sales to third parties. The company maintained its full-year revenue guidance of $4.9 billion to $5.2 billion and projected Q3 module shipments of 3.9 to 4.5 GW.

Additionally, the company disclosed plans to expand its South Carolina facility by up to 3.5 GW of module finishing capacity and revealed that its Steel River Energy Center will provide 1.9 GWh of battery storage for Google. This marks the second consecutive quarter of significant earnings outperformance.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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