After the bell today First Solar (FSLR) issued guidance for next year with revenues expected to come in between $2.7 – $2.9 billion and EPS between $6.05 – $6.85/share. The Street was expecting $2.4 billion in revenues and a $6.55/share EPS, so about in line on the EPS side but more optimistic on the revenue side. The company plans to invest $365 million in two production plants in Malaysia (again, so much for green energy jobs here at home) which when combined with its plans to add two production lines in France (again…), will increase capacity by nearly 50% over current levels by 2011.
“First Solar is expanding capacity to satisfy a global contracted and advanced pipeline of over six gigawatts (GW) from 2010-2012,” said Rob Gillette, First Solar chief executive officer. “In 2009 we increased our contracted North American pipeline by approximately 1.5GW, expanding our penetration in transition markets. This drives further capacity needs around a demand pool that is less volatile and more predictable than the traditional feed in tariff-based markets.”
Shares of FSLR are up nearly 4% in after hours trading with several other solar names seeing positive action in after hours trading as well.