First Solar (FSLR) Dives After Missing On Whisper EPS, Revenues; Holds Steady On Guidance

Posted by | # |
06:34:45 pm on October 28, 2009

First Solar is selling off more than 15% in after hours trading and taking out key support levels again after the company beat Wall St estimates of 1.73/share, but missed the whisper number of 1.90 share.  The company also missed by a wide margin on the revenue number but held firm with its full year revenue forecast of $1.975 – 2.025 billion which is at the high end of the previous range.  All in all, a mixed report out of First Solar (FSLR) which this quarter isn’t being treated too kindly by traders. 

The company reported an EPS number of 1.79/share which was 49% ahead of the year ago quarter, but broke a streak of five straight quarters of sequential growth.  Revenues came in 38% higher from the year ago quarter at $480 million, but was well short of Wall St estimates of $528 million.  It should be noted however that $58 million in revenues from its Canadian Sarnia project which was sold to Enbridge a few weeks ago wasn’t included this quarter.

Shares of FSLR have taken out key support of both the 50 and 200 day moving averages in after hours trading.  If the stock can’t rebound quickly, the next likely support area is in the 100 – 110 range.  I’ll have more on the First Solar quarter tomorrow if I can find the time.

Tags: , ,
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.


No comments yet.

Leave a comment