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AXTI Rally after Beating Q2 Est; Solar Sector Down

Written by: Bolton Flautt | July 30th, 2010

At mid-day, AXTI was trading at $5.65 on heavy volume of about 750,000 shares. The company announced a 77% spike in second-quarter revenue to $23.2 million after yesterday’s close. Quarterly profit came to $5.5 million or $0.17 per share, well ahead of the net loss of ($1.3 million) or ($0.04) cents per share in the same period last year. The firm topped EPS consensus by a nickel.

AXTI estimates revenue for the third quarter will increase to between $24.7 million and $25.5 million. The company estimates that net income per share will be between $0.12 and $0.14.

Some other top news from the solar sector:

The solar sector has been on fire of late, but the latest round of earnings cooled things off on Friday.

Arizona-based First Solar (NASDAQ: FSLR) is off by (6%) after reporting a (12%) decline in second quarter profits. The company earned $159 million or $1.84 per share in the three months ended June 26, compared to $180.6 million or $2.11 per share in the same period last year. Analysts were expecting $1.61 in Q2 EPS. Meanwhile, revenue was up 12% to $587.9 million, well ahead of the $543.1 million consensus estimate. First Solar lifted its 2010 profit guidance to between $7 and $7.40 per share from the prior forecast in the range of $6 to $6.85. Analysts are expecting $7.12 in full-year EPS on $2.62 billion in revenue.

Despite a solid report from sector giant First Solar, the Solar Stocks Index is off by (1%) for the day as the broad markets slip into negative territory for the third straight session. The Index is falling faster than the benchmarks today, but it is ahead of the S&P 500 by 6% over the last month.

Elsewhere in the sector, domestic small-caps DayStar Technologies (NASDAQ: DSTI) and Real Goods Solar (NASDAQ: RSOL) are among laggards, followed by Chinese Solar Stocks Index components Yingli Green Energy (NYSE: YGE) and Canadian Solar (NASDAQ: CSIQ).

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Bolton Flautt | All PPD Posts, Market Update | 07 30th, 2010 |

2 Responses

  1. Penny Payday Says:

    Penny PayDay – AXTI Rally after Beating Q2 Est; Solar Sector Down. http://tinyurl.com/289oz2b #stocks

  2. Penny Payday Says:

    AXTI Rally after Beating Q2 Est; Solar Sector Down http://f.ast.ly/BJ8NN

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