Shares of First Solar (FSLR) are down $1.70, or 5%, at $34.70, after the company this afternoon reported Q4 revenue and profit per share well below expectations, and cut its outlook for the year.
Revenue in the three months ended in December rose 8%, year over year, but fell 34%, quarter to quarter, to $660 million, yielding EPS, excluding some costs, of $1.26.
Analysts had been modeling $773 million and EPS of $1.59.
For the current quarter, the company sees revenue in a range of $3.5 billion to $3.8 billion, down from a prior forecast of $3.7 billion to $4 billion offered back in mid-December.
Nevertheless, the company sees profit per share in a range of $3.75 per share to $4.25, excluding some costs. Analysts have been modeling $4.18 per share.
CEO Mike Ahearn said the company’s “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.”
First Solar’s conference call with analysts is ongoing, having started at 4:30 pm.
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