First Solar FSLR posted earnings of $1.45, which blew past the Zacks Consensus Estimate of 60 cents. Revenue of $928 million was 31.1% higher than the expected $708 million.Management commentary indicates that demand remains very strong across the world with the pandemic merely delaying project installations and tooling. China, the biggest market was set back by the pandemic but it’s broadly expected to keep its target at around 60 gigawatts per year of installed PV capacity in its fourteenth five-year plan to be adopted next year. Europe is seeing pandemic-related delays and India also monsoon-related delays. But new policy decisions this year in support of solar installations are positives for the industry.Back in the U.S., the Energy Information Administration (EIA) forecast calls for 14 gigawatts of utility scale solar capacity to be added in 2020.There is also increasing demand from North American companies looking to reduce their carbon footprint. Management appears confident that project sales will be in line with original expectations, which led them to reinstate guidance of 5.86 gigawatts (3.7 gigawatts were shipped through the end of the third quarter).The contracted backlog is 6.7 gigawatts (for delivery in 2021) and 3.6 gigawatts (for expected deliveries through 2022 and 2023). The opportunity pipeline for modules also looks good, totaling 8.3 gigawatts that could be booked over the next 12 months.The main challenges for the industry are currently centered on the concentration of the supply chain in China and high spot rates for freight.PV model manufacturers rely on Chinese polysilicon ingots and wafers to manufacture their crystalline silicon modules. So operational disruptions such as those related to the pandemic affects the entire market, which in turn drives up prices. The higher prices, along with deteriorating bilateral relationships and the volatility in supply have reignited debates about internal production in Europe and India and also increased chances of new government policy.For FSLR, these challenges impose lower risk because the company has a vertically integrated manufacturing process that includes diversified sourcing and streamlined production, eliminating several steps that greatly increase efficiency. As a result, the company was able to maintain very high utilization rates, with a corresponding positive impact on its margins, remaining on track to lower the cost per watt by 10% this year.The solar industry of which First Solar is a part is in the top 28% of Zacks-ranked industries. And it has been seen historically that the top 50% outperform the bottom 50% by a factor of 2 to 1. Considering this fact and First Solar’s strong performance in the recently concluded quarter, this may be a good time to invest in other solar stocks.Here is a list of buy-ranked stocks that’s also looking good now-Canadian Solar Inc. CSIQCanadian Solar is a vertically integrated manufacturer of silicon ingots, wafers, cells, solar modules (panels) and custom-designed solar power applications for both on-grid and off-grid use to customers worldwide..Zacks Rank #2Topped estimates in three of the last four quarters at an average rate of 28.26%Earnings are expected to grow 18.72% this year and 48.97% in the nextRevenues are expected to grow 10.12% this year and 29.87% in the nextThe company is expected to report on Nov 10SolarEdge Technologies, Inc. SEDGThe company's SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform for residential solar installations as well as commercial and small utility-scale solar installations.Zacks Rank #2Topped estimates in three of the last four quarters at an average rate of 13.75%Earnings are expected to grow -13.06% this year and 36.53% in the nextRevenues are expected to grow 5.63% this year and 27.51% in the nextBoth revenue and earnings in 2021 are expected to be well above 2019 levelsThe company is expected to report on Nov 2SunPower Corporation SPWRSunPower sells semiconductor-based solar cells and solar panels, systems and services worldwide to residential, commercial and utility-scale power plant customers.Zacks Rank #2Topped estimates in each of the last four quarters at an average rate of 244.23%The company is expected to report 10.34% lower losses this year and generate profit in the nextRevenues are expected to grow -40.11% this year and 20.37% in the nextWhile expected earnings of 32 cents in 2021 will be much better than the 2019 loss of 29 cents, revenue of $1.44 billion is currently expected to lag the 2019 revenue of $1.99 billionThe company is expected to report on Oct 28 (today)Zacks’ 2020 Election Stock ReportIn addition to the companies you learned about above, we invite you to learn more about profiting from the upcoming presidential election. Trillions of dollars will shift into new market sectors after the votes are tallied, and investors could see significant gains. This report reveals specific stocks that could soar: 6 if Trump wins, 6 if Biden wins.Check out the 2020 Election Stock Report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Solar Inc. (CSIQ): Free Stock Analysis Report First Solar, Inc. (FSLR): Free Stock Analysis Report SunPower Corporation (SPWR): Free Stock Analysis Report SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research