Zacks: Brokerages Anticipate First Solar, Inc. (NASDAQ:FSLR) Will Announce Quarterly Sales of $689.41 Million

Wall Street analysts expect First Solar, Inc. (NASDAQ:FSLR) to announce $689.41 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for First Solar’s earnings. The lowest sales estimate is $601.00 million and the highest is $810.00 million. First Solar reported sales of $309.32 million in the same quarter last year, which would suggest a positive year over year growth rate of 122.9%. The business is scheduled to issue its next earnings results on Thursday, July 25th.

According to Zacks, analysts expect that First Solar will report full year sales of $3.52 billion for the current financial year, with estimates ranging from $3.35 billion to $3.60 billion. For the next year, analysts expect that the company will post sales of $3.36 billion, with estimates ranging from $3.07 billion to $3.89 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow First Solar.

First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, May 2nd. The solar cell manufacturer reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.52). The company had revenue of $532.00 million for the quarter, compared to analysts’ expectations of $596.32 million. First Solar had a negative net margin of 0.28% and a negative return on equity of 0.12%. The company’s revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.78 earnings per share.

FSLR has been the subject of several analyst reports. Bank of America restated a “buy” rating and set a $60.00 target price on shares of First Solar in a report on Tuesday, February 26th. Zacks Investment Research cut First Solar from a “hold” rating to a “sell” rating in a report on Friday, February 22nd. ValuEngine upgraded First Solar from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Goldman Sachs Group set a $75.00 target price on First Solar and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Argus increased their target price on First Solar to $66.00 and gave the company an “average” rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. First Solar has a consensus rating of “Buy” and a consensus target price of $65.67.

In other First Solar news, CEO Mark R. Widmar sold 33,371 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $60.00, for a total value of $2,002,260.00. Following the completion of the sale, the chief executive officer now owns 152,510 shares in the company, valued at approximately $9,150,600. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Philip Dejong sold 25,365 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.04, for a total value of $1,522,914.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 117,386 shares of company stock valued at $7,028,591. Company insiders own 0.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FSLR. JOYN Advisors Inc. raised its position in shares of First Solar by 130.2% in the 4th quarter. JOYN Advisors Inc. now owns 603 shares of the solar cell manufacturer’s stock worth $26,000 after acquiring an additional 341 shares in the last quarter. Manchester Capital Management LLC bought a new position in shares of First Solar in the 1st quarter worth approximately $27,000. Oregon Public Employees Retirement Fund raised its position in shares of First Solar by 3,850.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,267,749 shares of the solar cell manufacturer’s stock worth $30,000 after acquiring an additional 1,235,661 shares in the last quarter. TCG Advisors LP bought a new position in shares of First Solar in the 1st quarter worth approximately $32,000. Finally, ETF Managers Group LLC raised its position in shares of First Solar by 15.8% in the 4th quarter. ETF Managers Group LLC now owns 1,828 shares of the solar cell manufacturer’s stock worth $78,000 after acquiring an additional 249 shares in the last quarter. Institutional investors and hedge funds own 61.95% of the company’s stock.

FSLR stock traded down $0.91 during trading on Friday, hitting $61.24. 702,130 shares of the company traded hands, compared to its average volume of 1,070,406. The stock has a market capitalization of $6.45 billion, a PE ratio of 45.03, a P/E/G ratio of 1.11 and a beta of 1.31. First Solar has a 1 year low of $36.51 and a 1 year high of $65.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.38 and a quick ratio of 3.83.

First Solar Company Profile

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.

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