First Solar, Inc. (NASDAQ:FSLR) shares took a hit on the company’s latest quarterly loss and revenue, which fell year-over-year.
The Tempe, Arizona-based company announced fourth-quarter net sales of $339 million, a decline of $748 million compared to the year-ago quarter. The slide was caused by lower third-party module and systems sales, as the latter was hit by the sale of the California Flats and Cuyama projects during the company’s third quarter.
First Solar’s net sales for the quarter were below the company’s guidance due to a number of its foreign project sales underwhelming. The company’s earnings for the period came in at a loss of $4.14 per share, below the profit of $1.95 per share in the year-ago quarter on a GAAP basis.
The loss was caused in part to tax charges linked with the latest changes in the U.S. tax code, as well as the timing of the company’s system project sales. Other factors that affected income included lower net sales, lower-grossing profit projects, higher operating expenses and higher taxes, the latter of which included a charge of $408 million.
On a non-GAAP basis, First Solar announced earnings at a loss of 25 cents per share–the figure was adjusted for restructuring and asset impairment charges, while also excluding the impact of the U.S. tax reform.
“Our financial results were strong with 2017 non-GAAP EPS of $2.59 and operating cash flows in excess of $1.3 billion,” said Mark Widmar, CEO of First Solar. “We enter 2018 with an unwavering focus on profitably, scaling our modules business, executing on our systems project portfolio, and delivering on our financial commitments.”
FSLR stock slipped about 0.1% after the bell Thursday.