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Gold/Mining/Energy : First Solar, Nasdaq: FSLR

FSLR 240.16

-10.6%

3:46 PM EST

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From: FJB	12/14/2011 9:34:41 AM
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First Solar Hits 4-Year Low, Cuts '11 Guidance, Forecasts '12 Below Street Markets \| 12/14/2011 @ 8:33AM \|430 views Shares of First Solar Inc. ( FSLR) are being pummeled this morning, with the stock down nearly 13% in electronic trading.($35.59) Investors are reacting to yet another cut to fiscal 2011 earnings projections, a weak outlook for fiscal 2012, and a reorganization that includes the departure of Chief Accounting Officer James Zhu. Fundamentally, First Solar now expects 2011 earnings of $5.75 to $6 per share on sales of $2.8 billion to $2.9 billion, down from prior guidance for earnings of $6.50 to $7.50 per share and revenue of $3 billion to $3.3 billion. In addition, First Solar said it would write down a charge of 85 cents per share in the current quarter related to equipment and severance. For fiscal 2012, the company projected earnings of $3.75 to $4.25 per share on sales of $3.7 billion to $4 billion. Analysts were expecting sales of $7.42 and $4.09 billion. forbes.com

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