First Solar's shares jumped 45 percent with its announcement that it will acquire a new solar technology and that revenue in the next three years will be above Wall Street estimates.
The company logged its biggest one-day jump Tuesday, when its shares rose $12.31 to close at $39.35, on the New York Stock Exchange.
First Solar, at an analysts meeting in New York, announced that it will acquire TetraSun from investors led by JX Nippon Oil Energy Corp., and will begin commercial manufacturing of crystalline silicon technology by mid-2014.
Aside from the TetraSun acquisition, the company also disclosed that 2013 results would be higher than market expectations as it will recognize in the second half of the year revenue from a California power plant, adding that its low-cost solar panels will bring more business to the company for the succeeding years.
First Solar's expected net sales for 2013 is about $3.8 billion to $4 billion, while Wall Street has estimated the company's revenue at $3.122 billion.
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