Shares of First Solar, Inc. (NASDAQ:FSLR) ended Thursday session in green amid volatile trading. The shares closed up +0.32 points or 0.91% at $35.35 with 4.55 million shares getting traded. Post opening the session at $35.00, the shares hit an intraday low of $34.50 and an intraday high of $35.40 and the price vacillated in this range throughout the day. The company has a market cap of $3.52 billion and the numbers of outstanding shares have been calculated to be 102.36 million shares.
First Solar, Inc. (FSLR) on September 2, 2016 announced that following the Company’s successful leadership transition, the First Solar Board of Directors and James A. Hughes have mutually agreed that Mr. Hughes will no longer serve in an advisory capacity to the Company and will step down from the Board, effective September 1, 2016. As previously announced on April 27, 2016, Mark R. Widmar was appointed Chief Executive Officer, effective July 1, 2016.
“With Mark successfully assuming the role of Chief Executive Officer and the management team continuing to execute our strategic growth plans, the Board and Jim mutually agreed that now is an opportune time for this transition,” said Michael J. Ahearn, First Solar’s Chairman of the Board. “On behalf of the entire Board, I want to thank Jim for his many contributions over the years. Jim is an experienced and talented leader with many opportunities ahead of him. We wish him well in his future endeavors.”
Shares of Finisar Corporation (NASDAQ:FNSR) ended Thursday session in green amid volatile trading. The shares closed up +0.13 points or 0.46% at $28.22 with 4.51 million shares getting traded. Post opening the session at $28.11, the shares hit an intraday low of $27.88 and an intraday high of $29.25 and the price vacillated in this range throughout the day. The company has a market cap of $3.12 billion and the numbers of outstanding shares have been calculated to be 110.24 million shares.
Finisar Corporation (FNSR) on September 08, 2016 announced financial results for its first quarter of fiscal year 2017, ended July 31, 2016.
Financial Statement Highlights for the First Quarter of Fiscal 2017:
- Revenues were $341.3 million, an increase of $22.5 million, or 7.1%, from $318.8 million in the preceding quarter.
- Sales of telecom products increased by $22.0 million, or 29.0%, compared to the preceding quarter. This increase was due to higher sales of wavelength selective switches, coherent receivers, and 100G transceivers, as well as a rebound in demand for other telecom products including amplifiers and 10G transceivers, both tunable and fixed wavelength.
- Sales of datacom products increased by $0.5 million, or 0.2%, compared to the preceding quarter, primarily driven by growth in demand for 100G transceivers including CFP, CFP2, CFP4, and QSFP28 form factors, partially offset by a decline in sales of transceivers for wireless applications and 40G transceivers. Datacom revenue, excluding transceivers for wireless applications, increased 3.1% over the preceding quarter. Sales of 100G transceivers for datacom applications increased 21.8% over the preceeding quarter, and 115.8% over the first quarter of the prior fiscal year.
- GAAP gross margin improved to 31.7%, compared to 28.4% in the preceding quarter, primarily due to favorable product mix and the benefit of vertical integration over the larger volume.
- Non-GAAP gross margin improved to 33.1% compared to 30.6% in the preceding quarter.
“I am pleased to announce that Finisar achieved record revenues for our first quarter of $341.3 million, an increase of $22.5 million, or 7.1% compared to the prior quarter. This growth was primarily driven by strong demand for 100Gb/s transceivers in CFP, CFP2, CFP4, and QSFP28 form factors. In addition, demand for wavelength selective switches was strong. Our gross margins improved significantly due to favorable product mix and leverage of our vertically integrated manufacturing infrastructure over the larger volume. The combination of revenues being at the higher end of our guidance range and better than expected gross margins resulted in earnings per fully diluted share exceeding the upper end of our guidance range,” said Jerry Rawls, Finisar’s Chief Executive Officer.