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First Solar surges 13% after the solar-panel manufacturer posts a massive jump in 3rd-quarter sales



a sign on the side of a building: First Solar


© First Solar
First Solar

  • First Solar’s strong third-quarter earnings sent its stock price as high as 13% in pre-market trading on Wednesday.
  • The solar-panel maker posted a rise of nearly 70% in sales during the quarter, allowing it to reinstate full-year guidance that it previously withdrew because of uncertainty related to the severity and duration of the COVID-19 pandemic.
  • For 2020, the company said it expects to earn between $2.6 billion to $2.9 billion, as its productive capacity has been averaging over 100% at all of its factories.
  • First Solar shares have gained about 54% this year.
  • Visit Business Insider’s homepage for more stories.

First Solar shares surged as much as 13% in pre-market trading on Wednesday after posting a massive jump in third-quarter sales.

The solar-panel manufacturer said its sales rose 70% year-on-year in the quarter, and brought back its full-year guidance that was previously withdrawn to account

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Solar Manufacturer Array Technologies Sees Stock Surge With IPO on Cheddar

Shares of Array Technologies ($ARRY) surged out of the gate Thursday after reportedly raising more than $1 billion in capital through an initial public offering that brought the company’s value to $2.79 billion. The stock was up more than 64 percent to $36.45 per share at the close. 

The New Mexico-based solar part manufacturer is currently riding a wave of a renewed interest in electrification and decarbonization worldwide, as states and companies embrace renewable mandates and net-zero initiatives aimed at cutting out fossil fuels. 

“We want to scale with that, and having access to that capital will not only allow us to invest in the product, the portfolio, and people but also allows us to buy down debt and it will be a permanent source of capital where we can further enable utility-scale solar going forward.”

Array manufactures ground-mounting systems for utility-scale solar projects, which for the company means solar

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