By William Trent, CFA of Stock Market Beat
Jim Cramer’s favorite solar play, First Solar, Inc. (FSLR) Announced 2007 First Quarter Financial Results:
Quarterly revenues were $66.9 million, up from $52.7 million in the fourth quarter of fiscal 2006 and up from $13.6 million in the first quarter of fiscal 2006.Net income for the first quarter of fiscal 2007 was $5.0 million or $0.07 per share on a fully diluted basis, compared to net income of $8.0 million or $0.11 per share on a fully diluted pro-forma basis for the fourth quarter of fiscal 2006 and a net loss of $5.9 million for the first quarter of fiscal 2006 or $(0.08) per share on a fully diluted pro-forma basis.
Nothing will get investors excited like quintupling revenues. Shares are up sharply in after hours trading. Analyst expectations of breakeven earnings on $53 million in revenues were probably sandbagging things a bit – we would expect solar installations to increase as Spring approaches relative to the fourth quarter.
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