Why First Solar Shares Are Heating Up After Hours

First Solar Inc FSLR shares are moving higher in extended trading Tuesday after the company reported better-than-expected financial results and issued strong guidance.

What Happened: First Solar said fourth-quarter revenues were up approximately $400 million year-over-year to $1 billion, which beat consensus estimates of $989.28 million, according to Benzinga Pro. The increase was primarily a result of increased module sales and the sale of the company's Luz del Norte project in Chile.

First Solar reported a quarterly loss of 7 cents per share, which beat estimates for a loss of 15 cents per share.

The company said cash, equivalents and marketable securities increased to $2.4 billion by the end of the fourth quarter, up from $1.7 billion at the end of the prior quarter.

"We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities. This momentum is driven by our points of differentiation, including our unique CdTe technology, vertically integrated manufacturing process, domestic production, and commitment to Responsible Solar," said Mark Widmar, CEO of First Solar.

First Solar sees full-year 2023 revenue in a range of $3.4 billion to $3.6 billion versus estimates of $3.34 billion.

See Also: Why Rocket Companies Shares Are Blasting Off After Hours

FSLR Price Action: First Solar shares were up 3.46% after hours at $175 at the time of writing, according to Benzinga Pro.

Photo: courtesy of First Solar.