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First Solar Earnings: FSLR Stock Slides on Wide Q1 Loss

Revenue fell 6% year-over-year

First Solar (NASDAQ:FSLR) reported its quarterly earnings results after hours today, bringing in a loss that was wider than what analysts called for, while its revenue was down year-over-year, playing a role in FSLR stock falling more than 2% late in the afternoon.

First Solar EarningsThe Tempe, Az.-based solar panel manufacturer said that for its first quarter of its fiscal 2019, it brought in a loss of 64 cents per share, which was a considerable decline from its profit of 49 cents per share from its fourth quarter of 2018. The company added that its revenue of $539 million was roughly 6% lower than its sales from the same period in its fiscal 2019, due in part to lower systems project revenue in the U.S. and Japan.

First Solar also revealed its guidance for its fiscal 2019, which includes earnings in the range of $2.25 to $2.76 per share, which is in line with the $2.50 per share that the Wall Street consensus estimate called for. The brand also increased its revenue outlook to now be between $3.5 billion to $3.7 billion, up from $3.25 billion to $3.45 billion and ahead of analysts’ guidance of $3.37 billion.

“Series 6 demand remains robust, and we are encouraged by the strong year-to-date bookings which are on track to exceed our targeted annual bookings-to-shipments ratio,” says CEO Mark Widmar.

FSLR stock is down about 2.8% after hours today off the heels of an underwhelming quarterly earnings performance for the company. Shares had been falling 1.7% during regular trading hours as the company geared up to report its results.


Article printed from InvestorPlace Media, https://investorplace.com/2019/05/first-solar-earnings-fslr-stock-4/.

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