First Solar, Inc. (NASDAQ:FSLR) shares were down following the company’s latest quarterly earnings results.
The solar energy company announced first-quarter net income of $82.95 million, or 78 cents per share, which was a considerable improvement compared to its year-ago earnings of $9.13 million, or 9 cents per share. The company’s revenue for the period came in at $567.27 million, declining about 36.4% compared to the year-ago quarter from the $891.79 million from the first quarter of fiscal 2017.
For the full fiscal year, First Solar is projecting adjusted earnings in the range of $1.50 to $1.90 per share, while revenue is slated to be in the range of $2.45 billion to $2.65 billion. The company also announced the addition of a new U.S. Series 6 manufacturing plant, which will be located near an existing facility in northwest Ohio.
The plant will have a nameplate capacity of 1.2GW, with initial production in the facility kicking off in early 2019. The expected capital expenditures of the plant are slated to be around $400 million.
The move will help First Solar create more than 500 new high-quality manufacturing jobs. At the end of the quarter, the company had an ending net cash of $2.4 billion and it has 3.3GW booked in fiscal 2018 year-to-date.
FSLR stock was down about 0.2% after the bell Thursday due to the company’s declining revenue, despite earnings coming in ahead of its year-ago mark.