First Solar stock (NASDAQ:FSLR) is down more than 8% after the bell as the company reported its latest quarterly earnings results and updated its guidance for its fiscal 2018, which now sees its earnings and revenue as being lower than previously projected.
The solar panel company said it now sees its earnings for fiscal 2018 to be in the range of $1.40 to $1.60 per share, which is down from a previous projection of $1.50 to $1.90 per share. Its sales forecast was also cut to now be in the range of $2.3 billion to $2.4 billion from a previous range of $2.5 billion to $2.6 billion.
First Solar added that for its third quarter of the current fiscal year, it amassed net income of $57.8 million, which is roughly 54 cents per share. The company added that its revenue for the period tallied up to $676 million.
The company added that it has been expanding its efforts to manufacture its latest technology, consisting of its most efficient-yet solar panels in the Series 6 panels. These are being developed at factories in Ohio, Malaysia and Vietnam.
First Solar is not being affected by the 30% solar import tariffs that President Trump has implemented on other companies in the industry.
FSLR stock fell about 8.1% after the bell on Thursday following the company’s latest results and fiscal 2018 forecast update. Shares had been rising about 2.6% during regular trading hours in anticipation of the company’s results.