First Solar (FSLR) shares surged 5.09% in after-hours trading on Thursday following the release of its second-quarter financial results, which significantly exceeded analyst expectations for profitability.

The solar technology company reported earnings per share of $3.92, handily beating the FactSet consensus estimate of $2.64. Net income rose 23% year-over-year to $422.6 million. Revenue came in at $1.06 billion, meeting expectations despite a 4% decline driven by customer contract terminations, which were partially offset by higher module sales volumes to third parties.

First Solar also reaffirmed its full-year 2026 net sales guidance of $4.9 billion to $5.2 billion and forecast third-quarter adjusted EBITDA in the range of $625 million to $775 million. The company ended the quarter with a robust contracted backlog of 45.1 GW, extending through 2030, providing long-term revenue visibility.