First Solar Crushes Q1 Earnings, Shares Slide On Revenue Miss

First Solar, Inc. (FSLR - Analyst Report) announced financial results for the first quarter of fiscal 2016, posting earnings of $1.66 per share and net sales of $848 million.

Currently, First Solar has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.

First Solar:

1. Beat earnings estimates: The company posted $1.66 per share, surpassing our Zacks Consensus Estimate of $0.91.

2. Missed revenue estimates: The company saw revenue figures of $848 million, completely missing our estimate of $962 million.

3. First Solar raised the low end of its 2016 earnings per share guidance from $4.00 to $4.10 

4. "Our first quarter results represent a very strong start to 2016," said Jim Hughes, CEO of First Solar. "The sale of additional economic interests in our State line project further strengthens our relationship with a strategic business partner, and the transaction provides greater flexibility for future drop downs to 8 point 3. We continue to operate our business with a disciplined approach and are focused on achieving our 2016 objectives communicated at our recent Analyst Day."

5. Shares of FSLR were down $3.31, or 5.34%, to $58.72 as of 4:50 PM ET in after hours trading shortly after its earnings report was released.

Here’s a graph of First Solar’s percentage change over 3 months versus its competitors:

First Solar, Inc. manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions and peak time grid constraints.