First Solar Stock Is Heating Up Today: What's Going On?

First Solar Inc FSLR shares are trading higher Wednesday following the company's quarterly results. Here's a rundown of the report. 

• Q3 Revenue: $801 million versus estimates of $894.12 million
• Q3 EPS: $2.50, up from $1.59 in the second quarter

Sales were down $10 million from the prior quarter, primarily driven by a reduction in the volume of modules sold.

First Solar ended the quarter with $1.3 billion in cash, equivalents, restricted cash and marketable securities, less debt, down from $1.5 billion at the end of the prior quarter.

"Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology," said Mark Widmar, CEO of First Solar.

"Our growth is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform, and, crucially, a balanced business model focused on delivering value to our customers and our shareholders."

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Outlook: First Solar said it expects full-year 2023 revenue to be between $3.4 billion and $3.6 billion. Full-year earnings are expected to be between $7.20 and $8 per share versus the company's prior outlook of $7 to $8 per share.

FSLR Price Action: First Solar shares were up 3.55% at $147.50 at the time of writing, per Benzinga Pro.

Photo: PublicDomainPictures from Pixabay.