First Solar (FSLR) Shares Sell-Off Following Q1 Results; Maintains Outlook

Investors in First Solar, Inc. (Nasdaq: FSLR) are fleeing the stock Tuesday afternoon following the company's first-quarter earnings report.

Net income in the quarter was $115.97 million, or $1.33 per diluted share, a 33 percent decrease from $172.35 million, or $2 even, in the same period last year.

Quarterly revenue was just about flat at $567.29 million.

Analysts on the Street were looking for EPS of $1.17 on sales of $567.3 million.

First Solar attributed the decline in sales "to the allocation of modules to our systems projects in order to meet the project contractual delivery schedules, seven fewer production days, and a full quarter impact of the pricing change implemented in December of 2010."

Looking ahead, First Solar continues to see net sales of $3.7 to $3.8 billion in fiscal year 2011, with EPS of $9.25 to $9.75. Analysts are looking for sales of $3.78 billion and EPS of $9.53.

First Solar is trading 7.3 percent lower post-market.

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