It’s been a very choppy period for renewable companies to say the least, with FSLR feeling the impacts of tariffs, changes to proposed subsidies, and a high level of uncertainty around the political environment. They reported after market and the result was solid for the quarter, and bumped up their sales guidance for the full year. Shares were trading ~3% higher after hours.
- 2Q Net sales $US1.10 billion, +8.6% y/y, and a beat to consensus of $US1.04 billion
- EPS $US3.18 vs. $US3.25 y/y, estimate $2.66
- R&D expenses $54.5 million, +4.9% y/y, estimate $55.3 million
The guidance is key here, and while there remains a big gap between the guided range, implying a high degree of uncertainty, the trends are positive. They now see net sales $US4.9 to $5.7 billion, up from $US4.5 to $US5.5 billion. At the mid-point of this range, it equates to a ~5% beat relative to consensus. Earnings guidance was also tweaked from a very wide range, to a slightly tighter guide, but the net result was inline with current consensus.
MM remains cautiously bullish & long FSLR
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