Goldman Sachs Reports Solid 1Q For First Solar

According to Goldman Sachs, First Solar (NASDAQ: FSLR) solid 1Q11 results are likely to be overshadowed by a push-out toward a 2H'11 weighted earnings growth trajectory.

Goldman Sachs said that 1Q11 revenue of $567mn was about in-line as volume and ASP came in as expected, though 1Q EPS of $1.33 beat its $1.20 estimate and consensus of $1.16. “Full year targeted EPS remains $9.25-$9.75, representing about 25% yoy growth despite end market concerns. Awaiting final DOE closing, First Solar's decision to move Agua Caliente revenue recognition out of 2Q into 3Q changes the cadence of the growth outlook but not the expected absolute performance. We maintain our 2011/12/13 EPS estimates of $10.00/$11.50/$12.50 and $190 6-month target.”

First Solar closed yesterday at $134.66.