First Solar (FSLR) Shares Drop on Mixed Q4 Results; Guides Strong FY11 EPS

February 24, 2011 4:16 PM EST
First Solar Inc. (NASDAQ: FSLR) shares are down more than 4 percent in extended trade on Thursday after the company posted mixed fourth-quarter results and guides full-year earnings ahead of the Street.

The solar equipment maker reported fourth-quarter earnings of $1.80 per share, 4 cents better than the analyst estimate of $1.76 per share.

Revenue for the company fell to $609.8 million from $641.3 million in the same period last year, missing the market consensus of $647.8 million.

The company said that module manufacturing costs int he fourth quarter fell 11 percent to 75c/watt.

“In the fourth quarter the operations team executed well, and we sold 400 MW of projects in North America, positioning us to achieve our 2011 growth goals,” said Rob Gillette, CEO of First Solar. “We have good demand visibility in 2011 and a broader geographic reach, which gives us confidence in our ability to sell the 2 GW that we plan to produce.”

Looking forward, the company sees full-year 2011 earnings in the range of $9.25-$9.75 per share, topping the estimate of $9.10 per share.

Shares of First Solar are down or 4.31percent to $157.59 in aftermarket movement on Thursday.

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