First Solar $FSLR stock did a horizontal resistanceA horizontal resistance chart pattern is a type of chart which shows how price movement follows a certain pattern when price reaches a certain level. The pattern forms a resistance... breakout on March 1, 2023, after the company reported EPS and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... beats.
First Solar, Inc. Announces Fourth Quarter and Full Year 2022 Financial Results
On February 28, 2023, First Solar reported Q4 EPS of (7c) versus the consensus estimate of (15c). The company reported Q4 revenue of $1B versus the consensus estimate of $989.28M.
“We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheetThe balance sheet is a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and equity. placing us in a position to respond to emerging opportunities,” said Mark Widmar, CEO of First Solar. “This momentum is driven by our points of differentiation, including our unique CdTe technology, vertically integrated manufacturing process, domestic production, and commitment to Responsible Solar. We enter this year in a significantly stronger commercial, operational, and financial position, with increased R&D investment, new domestic and international capacity coming online, and a new Series 7 product.”
First Solar price target raised at Guggenheim
Following the release of Q4 results, Guggenheim increased its price target for First Solar from $255 to $260 on March 1, 2023, and maintained a Buy rating on the stock. According to Guggenheim, First Solar is on track and significantly undervalued, and the scope of the benefits from the Inflation Reduction Act are starting to become clear.