| FSLR $50 First Solar tumbles after results miss expectations | First Solar (FSLR) is sharply lower in after hours trade after its fourth quarter earnings and revenue missed expectations. WHAT’S NEW: First Solar reported Q4 non-GAAP earnings per share of 89c against estimates for 99c on revenue of $768M, which fell short of expectations for $965.38M. The company also said it sees Q1 EPS of 50c-60c, which compared to estimates for 84c. First Solar expects Q1 revenue to total $800M-$900M, which compares to analysts’ expectations for $898.25M.
In Q1, First Solar expects operating cash flow of ($400M)-($300M). On its Q4 earnings conference call, First Solar said its Q1 numbers, particularly for operating cash flow, are not indicative of its full-year outlook, with the company saying it expects to receive proceeds from the sale of projects under construction later this year.
PRICE ACTION: Following its weaker-than-expected report, First Solar is down $7.13, or 12.29%, to $50.90 in after hours trade. Shares of the company closed today’s session at $58.03.
OTHERS TO WATCH: A number of First Solar’s peers are also trading lower following its report, including SunPower (SPWR), down 2.4%, Canadian Solar (CSIQ), down 1.6%, Trina Solar (TSL), down 2%, and SolarCity (SCTY), down about 1% in the after-hours. |
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