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.
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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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