Clouds Hang Over First Solar (FSLR) Following Q4 Miss, Lowered Outlook

February 28, 2012 5:01 PM EST
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Shares of First Solar, Inc. (Nasdaq: FSLR) are trading lower after hours Tuesday following fourth-quarter numbers which saw a miss on the top and bottom lines and lowered guidance.

Revenue for the solar giant fell 34 percent from $1.01 billion in the third quarter to $660 million.

First Solar rolled to a loss of $39.49 million, or 46 cents per share. After adjusting for warranty and goodwill impairment, EPS came in at $1.26.

The Street was expecting revenue of $781.55 million and EPS of $0.54.

"First Solar's performance in the quarter was impacted by an aggressive competitive environment, an uncertain regulatory environment, warranty-related charges, and restructuring costs incurred to help position our business for the future,” commented interim CEO Mike Ahearn. “Despite these headwinds, we continue to make strides reducing manufacturing costs, increasing module efficiency, and successfully building out our captive project pipeline."

Looking ahead, First Solar lowered its net sales outlook for fiscal 2012 from $3.7 billion to $4 billion down to a range of $3.5 billion to $3.8 billion, versus Street views calling for revs of $3.77 billion. The firm reiterated its earnings outlook.

Shares are 4.5 percent lower in after-hours trading.

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