UPDATE: First Solar Posts Higher Q4 Earnings, Misses Revenue Views

reported a rise in its earnings for the fourth quarter. However, the company's sales missed analysts' estimates. The Tempe, Arizona-based company posted quarterly earnings of $192 million, or $1.89 per share, up from $65.3 million, or $0.64 per share, in the year-earlier period. Its sales climbed to $1 billion from $768 million. However, analysts were projecting a profit of $0.77 per share on sales of $1.28 billion. Cash flows from operations totaled $928 million in the quarter. At the end of the fourth quarter, cash and marketable securities were around $2.0 billion, a rise of around $876 million versus the previous quarter. "We closed 2014 with strong execution across all fronts," said Jim Hughes, CEO of First Solar. "We have exceeded the earnings per share, operating cash flow and bookings targets that we set at our 2014 Analyst Day. In addition we have announced another new record cell efficiency. With our strong bookings we are well positioned as we enter 2015 and remain focused on executing to our strategy." For the first quarter, First Solar expects sales of $550 million to $650 million and GAAP loss of $0.35 to $0.25 per share. First Solar shares fell 0.82% to $55.15 in after-hours trading.