It is reported that First Solar is filling investors with confidence with strong earnings report and a high-flying stock surged another 34%.

After Wednesday’s closing stock bell, the Phoenix, Arizona solar panel maker announced third-quarter earnings that beat Wall Street’s expectations, sending its shares up 34.3%, or $57.31, to $224.43 on Thursday.

That left it trading with a jaw-dropping valuation of 253 times its trailing 12-month earnings, and 158 times analysts' 2008 projections.

Investors may have had to do a double take when reading its earnings, which grew no less than 969.8% to $46.0 million, or 58 cents per share, from the $4.3 million, or 7 cents per share, reported last year.