Traders Fade First Solar
Originally Published In the News April 30, 2008 11:30 AM
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First Solar earnings beat the street, but shareholders might want to be careful what they wish for:
First Solar Inc. said Wednesday that first-quarter earnings spiked, beating Wall Street expectations, as the solar module maker’s revenue more than doubled.
For the first quarter ended March 29, earnings surged to $46.6 million, or 57 cents per share, from $5 million, or 7 cents per share, in the prior year.
Quarterly revenue more than doubled to $196.9 million, from $66.9 million in the first quarter of fiscal 2007.
Analysts surveyed by Thomson Financial forecast first-quarter earnings of 47 cents per share on revenue of $183.6 million.
Operating expenses jumped 83 percent to $46.2 million as selling, general and administrative expenses more than doubled.
The company’s foreign sales benefited from the weaker U.S. dollar. AP
The stock has been all over the road today, trading down premarket before ramping and then selling off violently. Thematic investors might have the stomach for this, but I am stepping aside until I can make sense of it all. The speculative juices runneth over.
First Solar 1Q earnings spike as revenue more than doubles
AP
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