First Solar Shares Up After Sales Show No Significant Impact from Pandemic | Financial Buzz

First Solar Shares Up After Sales Show No Significant Impact from Pandemic

First Solar, Inc. (NASDAQ: FSLR) announced financial results for the third quarter ended September 30, 2020. Net sales for the third quarter were $928 million, an increase of $285 million from the prior quarter, primarily due to international project sales, and an increase in the volume of modules sold to third parties. The Company explained that financial results have not been materially impacted by COVID-19. Net income per share for the third quarter was $1.45, compared to net income per share of $0.35 in the second quarter of 2020. Shares of the company spiked more than 12%.

First Solar is a leading global provider of comprehensive photovoltaic (“PV”) solar energy solutions, which use its advanced module and system technology. The Company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today.

“We delivered strong financial results for the third quarter,” said Mark Widmar, CEO of First Solar. “The dedication we continue to witness from our associates enabled us to expand module segment gross margin, close the sales of our Ishikawa, Miyagi, and Anamizu projects in Japan, and increase earnings per share quarter-over-quarter. This result reflects the strengths of our competitively advantaged CdTe modules and vertically integrated manufacturing process.”

As for future projections, First Solar previously withdrew its full-year 2020 guidance on May 7, 2020 given the significant uncertainties regarding the severity and duration of the COVID-19 pandemic and its impact on the Company’s operations and financial results. With the earnings announcement, the Company reinstated financial guidance for the fourth quarter 2020 and providing implied full-year 2020 guidance based on its financial results through the third quarter 2020 and reinstated guidance for the fourth quarter 2020. The fourth quarter 2020 and implied full-year 2020 guidance are as follows: