First Solar stock rallies after Q3 beat, reinstated guidance

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Shares of First Solar Inc. rallied more than 15% in the extended session Tuesday after the solar-panel maker and solar-power provider beat Wall Street expectations for its third quarter and provided implied guidance for the year. First Solar said it earned $155 million, or $1.45 a share, in the quarter, compared with $31 million, or 29 cents a share, in the year-ago quarter. Sales rose to $928 million from $547 million a year ago. Analysts polled by FactSet had expected earnings of 63 cents a share on sales of $677 million. First Solar and its results “have not been materially impacted by COVID-19,” the company said in a statement. First Solar reinstated financial guidance for its fourth quarter and provided an implied full-year 2020 guidance based on the financial results through the third quarter. The company called for sales between $2.6 billion and $2.9 billion for the year and EPS between $3.65 and $4.15. Shares of First Solar ended the regular trading day down 1.6%.
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