NEW YORK (TheStreet) -- First Solar (FSLR) - Get Report stock is spiking by 12.04% to $57.13 in midday trading on Friday, following the release of its 2015 third quarter earnings results on Thursday evening.
The global provider of solar energy solutions posted earnings of $3.38 per share for the most recent quarter, up from 87 cents per share in the year ago period.
Revenue increased year over year, to $1.27 billion from $889.3 million in the 2014 third quarter.
Analysts surveyed by Thomson Reuters had expected earnings of $1.55 per share on revenue of $1.11 billion.
First Solar raised its preliminary 2015 earnings forecast to a range between $4.30 per share and $4.50 per share, up from the prior range between $3.30 per share and $3.60 per share.
"We had tremendous execution in the third quarter from both a financial and bookings perspective," CEO Jim Hughes said in a statement.
Separately, TheStreet Ratings team rates FIRST SOLAR INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate FIRST SOLAR INC (FSLR) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, increase in net income and growth in earnings per share. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: FSLR