First Solar Inc. (NASDAQ: FSLR)
First Solar Earnings & Technicals
After the close on Tuesday, shares of First Solar were gaping up over 5% on a better than expected fourth quarter earnings report in the post market session. FSLR reported earnings to the tune of $1.60 per share on sales of $942 million compared to analyst expectations of 77 cents per share on $929 million in sales with guidance coming in slightly lower for net sales in 2016 but with higher margins and shipments to remain unchanged. This was a great earnings result and should give share prices a nice boost, however, there is a slight concern for the guidance numbers that came in with sales estimated at $3.8 – $4 billion compared to previous estimates of $3.9 – $4.1 billion. Currently analysts have an average price target of $76.24.
Shares closed the day at $61.79 and are currently looking to open around the $63.25 range at the time of this writing, almost a 3% increase. Look for solid resistance at the $64 and $64.41 level as they are big daily levels and the 9, 21, and 50-day moving averages are all sitting right there. Support will come in at $62, $61.31 and the $60 levels. Looking back at the daily level you can see that shares have found a solid support level at $40 were they bounced off of twice last year and are now beginning to trend back up into the $70 resistance level. We will need to break that big level with volume if we want to see shares of FSLR continue north so keep an eye out for that big level to come down.
“First, on the strength of our research and development efforts, we have continued to be the driving force in the advancement of CadTel solar technology. In the first half of 2015, we set cell efficiency and module efficiency records of 21.5% and 18.6% respectively. The cell record at that time represented the eighth substantial update to our record cell roadmap since 2011, and the record module efficiency placed us in a superior position to the best recorded multi-crystalline silicon module. Building on this success, today we have announced that we have achieved yet another new record cell efficiency of 22.1% as certified by Newport Labs and documented by NREL.” (SeekingAlpha)
First Solar, Inc. is a global provider of solar energy solutions. The Company designs, manufactures and sells photovoltaic (PV) solar modules, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems. The Company’s components segment involves the design, manufacture and sale of solar modules, which convert sunlight into electricity. The systems segment provides turn-key PV solar power systems or solar solutions for systems primarily using its solar modules. The Company also manufactures crystalline silicon solar modules and single-axis mounting systems with tracking capabilities. The Company offers its products and services for residential, commercial and industrial applications, including solar power system project developers, system integrators and solar plant operators, throughout the Americas, Asia, Australia, the Middle East and Africa. (GOOGLE)