First Solar, Inc. (NASDAQ:FSLR) stock was down on Wednesday following the release of its earnings report for the fourth quarter of 2016.
First Solar, Inc. reported a net loss of $719.86 million for its fourth quarter of the year. The solar energy company reported net income of $164.14 million in the fourth quarter of 2015.
First Solar, Inc. notes that its poor results for the fourth quarter of 2016 were due to $729 million in pre-tax charges. It points out that these charges are connected to its current restructuring efforts.
Revenue reported by First Solar, Inc. in the fourth quarter of 2016 was $480.43 million. This is a decline from FSLR’s revenue of $942.32 million from the same period of the year prior. It came in above analysts’ revenue estimate of $412.76 million for the fourth quarter of the year.
First Solar, Inc. reported earnings per share of $1.24 for the fourth quarter of the year. This is above Wall Street’s earnings per share estimate of 97 cents for the quarter.
First Solar, Inc. also updated its guidance for fiscal 2017 in its most recent earnings report. The company is now expecting revenue for the year to range from $2.8 billion to $2.9 billion. Its previous estimate had revenue ranging from $2.5 billion to $2.6 billion. Analysts are looking for 2017 revenue of $2.53 billion.
First Solar, Inc. is still expecting earnings per share of 2017 to be flat to 50 cents. Wall Street is expecting earnings per share of 41 cents for the year.
FSLR stock was down 8% as of noon Wednesday.