First Solar Beats On Q2 Earnings, Announces $1.1B Investment In US Manufacturing Facility

First Solar, Inc. FSLR shares are trading higher in Thursday's after-hours session on the heels of the company's second-quarter report. Here's a rundown of the results and a look at what's driving the action.

What Happened: First Solar reported quarterly earnings of $1.59 per share, which beat the analyst consensus estimate of $0.96, a 205.77% increase over earnings of $0.52 per share from last year. The company reported quarterly sales of $811.00 million, which beat the analyst consensus estimate of $720.55 million, a 30.61% increase over sales of $620.96 million in the same period last year.

"The second quarter of the year continued the steady progress established in the first, as we ramped up production and delivery of our next-generation Series 7 modules, reinforced our global leadership in thin film PV with a strategic acquisition, and continued our strong bookings and ASP momentum," said Mark Widmar, CEO of First Solar.

"Moreover, continuing our commitment to sustainable long-term growth, earlier today we announced that we will invest up to $1.1 billion in building a new, fully vertically integrated manufacturing facility in the United States, our fifth in the country."

Related Link: FTC v. Amazon: All You Need To Know About The Upcoming, High-Profile Antitrust Lawsuit

FSLR Price Action: FSLR shares were up 6.16% after hours at $211.05 at the time of publication, according to Benzinga Pro.

Image by PublicDomainPictures from Pixabay