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First Solar, Inc. (NDAQ: FSLR) is set to announce its first quarter financial results on April 30th. The solar industry leader is expected to post earnings per share between $0.36 and $0.63 with an average analyst estimate of $0.47. However, shareholders are more bullish with shares trading at a lofty 204.1x current earnings with a P/E to growth ratio of 2.01x.

This bullish sentiment by shareholders may be justified given the company's history. First Solar has handidly beat analyst estimates every single quarter since it began reporting as a public company. Recently, the alternative energy company posted a 153.9% earnings surprise in the third quarter followed by a 45.8% surprise in the fourth quarter.

However, some investors are concerned that expectations may be too high. Competitors like SunPower (NDAQ:SPWR) blew past analyst estimates in the first quarter but saw shares decline on the news. The company guided higher next year, but investors grew nervous amid comments that the firm might see flat sequential quarterly growth in the fourth quarter.

The solar industry's bullish run-up comes amid rising energy prices that have sparked widespread investment into alternative energy sources. Government incentives are only expediting these investments by making them more economical. The leadership position in the solar industry makes First Solar one of the primary benefactors of these moves.

Shares of First Solar, Inc. rose $0.55, or 0.19%, in early trading.

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