Pacific Crest Lowers Estimates On First Solar (FSLR) On Executive Departure
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Pacific Crest lowered estimates on First Solar (Nasdaq: FSLR) following the departure of Executive Vice President and Corporate Secretary John Gaffney.
Pacific Crest analyst Mark Bachman notes "Gaffney's severance package will cost the company $6.9 million in net income Q4—a $7.7 million pre-tax hit to SG&A. In addition to his 2009 bonus and other contractual remuneration, Gaffney is also being compensated for a non-competition and non-solicitation agreement. We note that this adjustment is in addition to the $11.5 million in CEO compensation expense, which will also be recognized in Q4. Combined, these two adjustments impact Q4 EPS by $0.20."
Bachman also said the executive churn does not strengthen investor confidence.
The firm is maintaining a Sector Perform rating on FSLR.
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