Renewable Energy Stocks Q3 Highlights: First Solar (NASDAQ:FSLR)

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Renewable Energy Stocks Q3 Highlights: First Solar (NASDAQ:FSLR)

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at renewable energy stocks, starting with First Solar (NASDAQ:FSLR).

Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.

The 16 renewable energy stocks we track reported a slower Q3. As a group, revenues missed analysts’ consensus estimates by 10.2% while next quarter’s revenue guidance was 8.4% below.

In light of this news, share prices of the companies have held steady as they are up 3.4% on average since the latest earnings results.

First Solar (NASDAQ:FSLR)

Headquartered in Arizona, First Solar (NASDAQ:FSLR) specializes in manufacturing solar panels and providing photovoltaic solar energy solutions.

First Solar reported revenues of $887.7 million, up 10.8% year on year. This print fell short of analysts’ expectations by 17.6%. Overall, it was a disappointing quarter for the company with full-year revenue guidance missing analysts’ expectations.

“As we approach the end of 2024, we remain pleased with the progress made across our business, navigating against a backdrop of industry volatility and political uncertainty, with a continued focus on balancing growth, profitability, and liquidity,” said Mark Widmar, CEO of First Solar.

First Solar Total Revenue
First Solar Total Revenue

Unsurprisingly, the stock is down 7.4% since reporting and currently trades at $185.

Is now the time to buy First Solar? Access our full analysis of the earnings results here, it’s free.

Best Q3: American Superconductor (NASDAQ:AMSC)

Founded in 1987, American Superconductor (NASDAQ:AMSC) has shifted from superconductor research to developing power systems, adapting to changing energy grid needs and naval technology requirements.

American Superconductor reported revenues of $54.47 million, up 60.2% year on year, outperforming analysts’ expectations by 6.1%. The business had an exceptional quarter with an impressive beat of analysts’ EPS and EBITDA estimates.

American Superconductor Total Revenue
American Superconductor Total Revenue

American Superconductor scored the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 35.9% since reporting. It currently trades at $31.94.

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