First Solar (FSLR) Slashes FY11 Outlook, Issues FY12 Guidance Well Below the Street
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Price: $222.40 --0%
Financial Fact:
Interest expense, net: -6.98M
Today's EPS Names:
EDXC, BICX, FBPI, More
Financial Fact:
Interest expense, net: -6.98M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Following the release of lowered 2011 financial guidance and the introduction of a 2012 outlook, shares of First Solar (Nasdaq: FSLR) are down more than 15 percent in Wednesday's pre-market session.
The company reduced its FY11 sales guidance from $3-$3.3 billion to $2.8-$2.9 billion and its EPS outlook from $6.50-$7.50 to $5.75-$6.00. The Street is currently looking for FY11 sales and EPS of $3.2 billion and $6.88, respectively.
First Solar expects FY12 sales in the range of $3.7-$4 billion, which compares to the Street estimate of $4.09 billion, and EPS of $3.75-$4.25, vs. the analyst estimate of $7.42.
Click here for more details, including operating income and cash flow guidance.
The company's release cited "continued delays of certain projects in First Solar’s systems business due to weather and other factors."
The stock was halted ahead of the news. Upon resumption, shares tumbled about 10 percent... and then another 10 percent. Shares dipped below $34, however have now bounced modestly and are trading around $36.30.
First Solar will discuss the outlook in a conference call scheduled for 8:00 a.m. EST. The live audio webcast can be accessed at the Investor section of First Solar's website.
The company reduced its FY11 sales guidance from $3-$3.3 billion to $2.8-$2.9 billion and its EPS outlook from $6.50-$7.50 to $5.75-$6.00. The Street is currently looking for FY11 sales and EPS of $3.2 billion and $6.88, respectively.
First Solar expects FY12 sales in the range of $3.7-$4 billion, which compares to the Street estimate of $4.09 billion, and EPS of $3.75-$4.25, vs. the analyst estimate of $7.42.
Click here for more details, including operating income and cash flow guidance.
The company's release cited "continued delays of certain projects in First Solar’s systems business due to weather and other factors."
The stock was halted ahead of the news. Upon resumption, shares tumbled about 10 percent... and then another 10 percent. Shares dipped below $34, however have now bounced modestly and are trading around $36.30.
First Solar will discuss the outlook in a conference call scheduled for 8:00 a.m. EST. The live audio webcast can be accessed at the Investor section of First Solar's website.
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