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This is a Reason Why First Solar Share Price Erupted 20% Today

Nigel F

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.

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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 erupted 20% as sales rise August 2020

First Solar share price skyrocketed on Friday to trade above $78 for the first time since 2018. 

Nigel F
Nigel F
Team Member

Nigels tiefes Verständnis der Finanzmärkte basiert auf über 10 Jahren Erfahrung. Nigel wurde bisher zweimal von der FCA (Financial Conduct Authority) autorisiert und hat in der letzten Zeit eine Finanz-Brokerage Firma besessen und verkauft. Er liefert hochaktuelle Analysen und Einsichten in die Finanzmärkte und in die allgemeine Wirtschafts- und Währungspolitik des Vereinigten Königreichs, der USA, Europas und Asiens.