First Solar Shares Slammed Amid Q4 Miss, Light Q1 Outlook
First Solar (NASDAQ: FSLR) reported fourth-quarter results Tuesday after the bell, missing on both the top and bottom lines. Shares have plummeted 11 percent to $51.55 at last check.
The company reported revenue of $768 million, a 39 percent drop from last quarter. The revenue figure may not compare to the Street estimate of $965 million, possibly due to “lower systems business project revenues as initial revenue recognition for Desert Sunlight and sale of the ABW.”
Fully diluted non-GAAP earnings per share came in at $0.89 versus analyst estimates of $0.99.
First Solar provided first quarter 2014 guidance of $800 to $900 million in revenue and $0.50 to $0.60 earnings per share. Analysts are estimating $898 million revenue and $0.84 earnings per share, respectively.
Despite these disappointing results Jim Hughes, CEO of First Solar, feels the company “delivered on several key objectives, including additional bookings of approximately 1.7GWdc, significant reductions to our module manufacturing cost, and a strong financial performance.”
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