First Solar Dazzles Wall Street
First Solar Dazzles Wall Street
Source: GreenBiz.com
PHOENIX, Ariz., Nov. 9, 2007 — First Solar shares sold for $20 during its initial public offering a year ago.
The same shares soared past the $200 mark Thursday following this week’s earnings report showing quarterly sales increased nearly 300 percent over the same period last year.
First Solar and other solar companies enjoyed a brisk day on Wall Street Thursday at a time when the dollar is getting battered and the Federal Reserve chief is warning that the economy is poised for a slowdown.
First Solar shares finished at $224.43 Thursday, a 34 percent increase over the day before. Evergreen Solar rose 17 percent to close Thursday at $15.99 while Sunpower rose sharply before falling 2 percent to $141.93.
First Solar drew a standing-only crowd Thursday in San Francisco during the Pacific Growth Equities clean tech conference, according to Dow Jones. The news wire service reported that First Solar CFO Jens Meyerhoff described the company’s plan to mass-produce solar energy cells that are competitive with residential electricity rates without subsidies within the next five years.
Company sales are focused on France, Germany and Spain; it has yet to penetrate the U.S. market. The estate of John Walton, from the founding family of Wal-Mart, owns a controlling stake in the company.