First Solar Inc. Misses Q3 Revenue Views; Cuts Outlook

First Solar Inc.

fell more than 5 percent in the extended session Thursday after the company cut its outlook and posted third-quarter sales below expectations. The Tempe, Ariz., solar module maker traded recently at $53.26 a share, off $3.15. First Solar didn't immediately offer reasons for the shortfall, but posted sales of $889 million, down from $1.27 billion a year earlier. Analysts expected sales of $1.05 billion. Net income fell to $88.4 million, or $0.87 cents a share, down from $195 million, or $1.94 cents a share a year earlier. Wall Street expected $0.64 cents a share. The company cut its 2014 revenue forecast by about 2.6 percent to a range of $3.6 billion to $3.9 billion, from its earlier prediction of $3.7 billion to $4 billion. Analysts expect revenue of $3.77 billion. Tightened its operating income forecast slightly, First Solar maintained its 2014 earnings guidance of $2.40 to $2.80 a share, versus analysts' average prediction of $2.61 a share. Chief Executive James A. Hughes said that following project delays in recent quarters, "we continue to make progress towards our financial targets for the year," and the company is on track to meet or beat its goal for 2014 bookings.