(RTTNews) - First Solar Inc. (FSLR) shares are gaining on Wednesday morning trade as the company reported a surge in third-quarter net profit and that beat estimates.
Currently, the shares are at $97.93, up 17.29 percent from the previous close of $82.39. For the 52-week period, the shares have traded in a range of $28.47 to $96.80 on average volume of 2,246,726.
For the third quarter, the photovoltaic solar energy solutions provider reported net profit of $155.04 million, up from $30.62 million last year. On a per share, the earnings climbed to $1.45 from $0.29 in the prior year. Wall Street analysts were looking for $0.61 per share on revenue of $693.13 million.
Net sales increased to $927.57 million from $546.81 million a year ago. Further, the company reinstated financial guidance for the fourth quarter.
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