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NEW YORK (TheStreet) -- First Solar (FSLR) - Get First Solar, Inc. Report shares are up 17.12% to $52.12 in morning trading on Wednesday following the release of the company's second quarter earnings results yesterday after the market close.

The company reported a profit of 93 cents per share, well ahead of the 4 cents per share the company reported a year ago, on revenue that rose 65% to $896 million.

Analysts were expecting the company to report earnings of 36 cents per share on revenue of $751.72.

First Solar provided full year earnings guidance between $3.30 per share and $3.60 per share on revenue between $3.5 billion and $3.6 billion. 

Those totals are ahead of analysts' consensus $2.36 per share on revenue of $3.4 billion guidance.

TheStreet Recommends

TheStreet Ratings team rates FIRST SOLAR INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate FIRST SOLAR INC (FSLR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."

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