First Solar, Inc. (FSLR) is scheduled to report its Q2 2012 results on August 1, 2012, after the bell. The street expects EPS and revenue of $0.91 and $817.59M, respectively.
In this article I will recap the historical results of the company, its latest EPS estimates vs. surprises, the latest news from FSLR and the news from its closest competitors.
Recent EPS Actuals vs. Estimates
The company has failed to meet analysts' estimates in the last four quarters. In the last quarter it reported ($0.08) loss per share, failing to meet analyst estimates of $0.59.
The consensus EPS estimate is $0.91 based on 31 analysts' estimates, up from $0.70 a year ago. Revenue estimates are $817.59M, up from $532.77M a year ago. The median target price by analysts for the stock is $20.00.
Average recommendation: Hold
Source: Marketwatch
Analyst Upgrades and Downgrades
- On May 7, 2012, Auriga downgraded the company from Buy to Hold.
- On May 6, 2012, Avian upgraded the company from Neutral to Positive.
- On May 6, 2012, Argus downgraded the company from Buy to Hold.
- On April 22, 2012, Maxim Group downgraded the company from Hold to Sell.
- On April 18, 2012, UBS reiterated Neutral rating for the company.
- On April 18, 2012, RBC Capital Mkts reiterated Sector Perform rating for the company.
- On April 17, 2012, Wunderlich downgraded the company from Hold to Sell.
- On April 17, 2012, Cantor Fitzgerald upgraded the company from Sell to Hold.
- On April 11, 2012, UBS reiterated Neutral rating for the company.
- On February 13, 2012, Brigantine downgraded the company from Buy to Hold.
- On February 10, 2012, UBS reiterated Neutral rating for the company.
- On February 9, 2012, Collins Stewart downgraded the company from Buy to Neutral.
- On February 7, 2012, Auriga reiterated Buy rating for the company.
Latest News
- On June 20, 2012, enXco, an EDF Energies Nouvelles Company, announced that they have signed a solar module supply agreement with First Solar Inc. First Solar will deliver 61 megawatts peak (MWp) of thin film modules starting in September 2012 for enXco's Catalina Solar Project located in Kern County, California.
- On June 11, 2012, First Solar, Inc. and Intermolecular, Inc. announced a collaboration and licensing agreement aimed at accelerating the efficiency roadmap for First Solar's cadmium-telluride (CdTe) photovoltaic (PV) technology.
- On May 3, 2012, First Solar, Inc. announced that it has increased fiscal 2012 guidance and expects earnings per fully diluted share of $4.00-$4.50, compared to prior guidance of $3.75-$4.25, in each case excluding restructuring and impairment charges, and costs in excess of normal warranty expense.
- On May 3, 2012, First Solar, Inc. announced that James Hughes has been appointed Chief Executive Officer (CEO). Hughes succeeds Mike Ahearn, First Solar`s founder and Chairman, who has been serving as interim CEO. Ahearn will continue in his role as Chairman of the Board.
- On April 20, 2012, Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at First Solar, Inc.. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) certain manufacturing flaws were negatively impacting the Company's earnings; (2) First Solar was improperly recognizing revenue from certain products in its systems business; and (3) First Solar lacked sufficient internal and financial controls to accurately report the Company's financial results.
- On April 17, 2012, First Solar, Inc. announced it is restructuring its operations in response to deteriorating market conditions in Europe and to reduce costs and align its organization with sustainable market opportunities.
- On April 14, 2012, Law Offices of Howard G. Smith announced that it is continuing its investigation of potential claims against First Solar, Inc. and its Board of Directors concerning possible breaches of fiduciary duties by the Company or its fiduciaries.
- On April 14, 2012, Texas Instruments Incorporated announced that it will become a component of the NASDAQ-100 Index and the NASDAQ-100 Equal Weighted Index prior to market open on April 23, 2012.
- On April 10, 2012, Law Offices of Howard G. Smith announced that it is investigating potential claims against First Solar Inc. ("First Solar" or the "Company") and its board of directors concerning possible breaches of fiduciary duties by the Company or its fiduciaries.
- On March 31, 2012, Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities who purchased the securities of First Solar Inc. between April 30, 2008 and February 28, 2012, inclusive (the Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934.
- On March 27, 2012, Holzer Holzer & Fistel, LLC announced that it is investigating potential breaches of fiduciary duty by certain officers and directors of First Solar, Inc. ("First Solar" or the "Company").
- On March 26, 2012, Finkelstein Thompson LLP announced that it is investigating potential claims on behalf of shareholders of First Solar, Inc. (First Solar or the Company).
- On March 22, 2012, Enbridge Inc. and First Solar, Inc announced that Enbridge has acquired a 100% interest in the 50-megawatt (MW) Silver State North photovoltaic (PV) project that First Solar has developed and constructed in Clark County, Nevada, near the community of Primm.
- On March 20, 2012, The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announced that the firms are investigating legal claims against the officers and Board of Directors of First Solar, Inc. related to potential securities violations by First Solar between April 30, 2008 and February 28, 2012.
- On March 19, 2012, The law firm of Izard Nobel LLP announced that a lawsuit seeking class action status has been filed in the United States District Court for the District of Arizona on behalf of purchasers of the common stock of First Solar, Inc. between April 30, 2008 and February 28, 2012.
- On March 19, 2012, First Solar, Inc. announced that a class action lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of investors who purchased First Solar, Inc. (First Solar or the Company) stock between April 30, 2008 and February 28, 2012.
- On March 19, 2012, Harwood Feffer LLP announced that a class action suit was filed in the United States District Court for the District of Arizona against First Solar, Inc. Case No. 12-cv-00555, on behalf of purchasers of First Solar stock between April 30, 2008 and February 28, 2012.
- On March 19, 2012, The Securities Arbitration Law Firm of Klayman & Toskes P.A. ('K&T'), announced that it is investigating claims on behalf of First Solar Inc shareholders who sustained investment losses due to an over-concentration of shares in First Solar stock.
- On March 17, 2012, Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities who purchased the securities of First Solar Inc. between April 30, 2008 and February 28, 2012, inclusive (the Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934.
- On March 16, 2012, Pomerantz Haudek Grossman & Gross LLP announced that it has filed a class action lawsuit against First Solar Inc., and certain of its officers. The class action, (2:12-cv-00555), filed in the United States District Court, District of Arizona, is on behalf of a class consisting of all persons or entities who purchased First Solar securities between April 30, 2008 and February 28, 2012, inclusive (the "Class Period").
- On March 16, 2012, Federman & Sherwood announced that a class action lawsuit was filed in the United States District Court for the District of Arizona against First Solar, Inc. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is April 30, 2008 through February 28, 2012.
- On March 16, 2012, Rigrodsky & Long, P.A. announced that a complaint has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities that purchased the securities of First Solar, Inc. between April 30, 2008 and February 28, 2012 alleging violations of the Securities Exchange Act of 1934 (Complaint) against the Company and certain of its officers and directors.
- On March 12, 2012, NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. and First Solar, Inc. announced the completion of NextEra Energy Resources' acquisition of two solar photovoltaic (PV) projects totaling 40 megawatts (AC) in Ontario, Canada from First Solar.
Competitors
JA Solar Holdings (JASO), LDK Solar (LDK), ReneSola (SOL), Suntech Power Holdings (STP), and Trina Solar (TSL) are considered major competitors for First Solar and the chart below compares the stock price changes as a percentage for the selected companies for the last one year period.
FSLR data by YCharts
Competitors' Latest Development
- On July 23, 2012, ReneSola Ltd. announced that it has sold 5.95 MW of its high-efficiency Virtus modules to Solargain PV Pty Ltd ("Solargain"), one of the top solar distributors in Australia and one of Australia's integrated solar energy and solar hot water suppliers.
- On June 26, 2012, LDK Solar Co Ltd announced that based upon current business conditions for the second quarter of 2012, it estimates revenue to be in the range of $220-$270 million.
- On June 26, 2012, Trina Solar Ltd announced that its board of directors and audit committee approved the appointment of KPMG as its independent auditors for the year ending December 31, 2012.
- On June 14, 2012, Ja Solar Holdings Co Ltd announced that Board of Directors has approved a share repurchase program, effective immediately, that authorizes JA Solar to repurchase up to a USD100 million worth of its issued and outstanding American Depositary Shares (ADSs) prior to September 30, 2012.
- On June 4, 2012, LDK Solar Co Ltd announced that the Company has signed three multi-year engineering, procurement, and construction (EPC) agreements. All three projects are located in the Gansu province of the People's Republic of China.
- On April 30, 2012, LDK Solar Co Ltd reaffirmed fiscal 2012 guidance and expects revenue in the range of $2.0-$2.7 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $2.0 billion for fiscal 2012.
- On March 19, 2012, LDK Solar Co Ltd revised announced that for the fourth quarter of 2012, LDK Solar revised its guidance for revenue to be in the range of $440 million to $450 million.
- On March 1, 2012, Sunways AG announced that the increase in the share capital of the Company to EUR 17,378,613 has been validly completed. Sunyways AG issued 5.79 million shares.
Technical Overview
The stock has a market capitalization of $1.21B and is currently trading at $14.00 with a 52 week range of $11.43 - $123.86. The stock's year-to-date performance has been -58.53%. It is currently trading below 20, 50 and 200 SMA.
Sources: Yahoo Finance, Google Finance, Marketwatch, Finviz, Reuters.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
