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First Solar (FSLR) Soars on Massive Q2 Earnings Beat

First Solar, Inc. (FSLR) just released its second quarter fiscal 2017 financial results, posting earnings of 64 cents per share and revenues of $623 million. Currently, FSLR is a Zacks Rank #2 (Buy) and is up 12.36% to $50.35 per share in trading shortly after its earnings report was released.

First Solar:

Beat earnings estimates. The company posted earnings of $0.64 (excluding $0.14 from non-recurring items) per share, defeating the Zacks Consensus Estimate of -$0.05 per share.

Beat revenue estimates. The company saw revenue figures of $623 million, beating our Zacks Consensus Estimate of $535.50 million.

Restructuring and asset impairment charges in the first quarter were $20 million. Net income increased versus the prior quarter, primarily as a result of improved gross margin and a discrete income tax benefit, partially offset by a decrease in other income. Cash flows used in operations were $168 million in the second quarter.

First Solar edited its full-year fiscal net sales prediction from $2.85 billion...


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