Why First Solar Jumped 31.5% in October
Shares of First Solar (NASDAQ: FSLR) rose 31.5% in October, according to data from S&P Global Market Intelligence. The U.S. solar panel manufacturer held its third quarter earnings report late in the month, blowing past analyst estimates, all while polling showed a solar-friendly Democratic Administration was likely to win in the November elections.
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In the third quarter, First Solar blew past analyst expectations, growing revenue 69.7% over last year, with EPS of $1.43 more than doubling analyst expectations of $0.62. CEO Mark Widmar said, "The dedication we continue to witness from our associates enabled us to expand module segment gross margin, close the sales of our Ishikawa, Miyagi, and Anamizu projects in Japan, and increase earnings per share quarter-over-quarter. This result reflects the strengths of our competitively advantaged CdTe modules and vertically integrated manufacturing process."
Source Fool.com
