Cramer: Good stock landed in value bin

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If you're looking for a value, Jim Cramer suggests taking a long hard look at this stock.

It's First Solar.

Shares tumbled this week after the company reported earnings. Ironically, the headline numbers were quite strong.

"It delivered a gigantic beat," Cramer said.

Jim Cramer on Mad Money.

Adam Jeffery | CNBC

For the quarter ending in March, jumped 66 percent year-over-year to $112 million, or $1.10 per share. That came on revenue growth of 26 percent to $950 million. Both figures trumped Wall Street's estimates of 56 cents per share on $837.95 million, according to data provided by Thompson Reuters.

"Those are huge numbers," the "Mad Money" host said.

However, investors ran for the exits after learning that part of the strength was based on early revenue recognition on two big projects.

"That means money that First Solar was supposed to make in the second quarter got pushed up to the first quarter. In turn, the company gave weak guidance for the following quarter."

Cramer, however, isn't discouraged. He sees developments as more of an accounting issue than a referendum on the company's fundamentals.

"First Solar remains a high quality company, a best-of-breed player in the solar space," Cramer said. "It's both a low cost commercial manufacturer of solar modules as well as a provider of turn-key solar project solutions. Second, it still has a terrific runway for long-term growth."

None of that has changed.

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All told, "I think First Solar still has terrific long-term prospects. Yet, after the decline, the stock is for less than 14 times next year's earnings estimates," Cramer said. "In my book, that's a value."

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