Shares of First Solar Inc (NASDAQ: FSLR) jumped as much as 20% on Friday after the firm reported a better-than-expected set of financial results for the second quarter.
First Solar posted net sales of $642 million, which is 20.6% higher than $532 million reported in Q1. Still, net income per share dropped to $0.35, down from $0.85 in the previous quarter. Net cash balance stands at $1.2 billion, up $100 million from the prior quarter.
One of the key reasons behind a strong second quarter is the fact that First Solar was able to keep its factories in Ohio, Vietnam, and Malaysia open during the pandemic.
Moreover, First Solar agreed a deal to sell its North American operations and management business to NovaSource Power Service. Separately, the company also committed to achieving 100% renewable energy in global operations by 2028.
First Solar share price skyrocketed on Friday to trade above $78 for the first time since 2018.