First Solar (NASDAQ:FSLR) earnings for the solar power company’s third quarter of 2019 are hitting FSLR stock in after-hours trading on Thursday. This is due to its earnings per share of 29 cents, which is well below Wall Street’s estimate of $1.13. Revenue of $546.81 million also didn’t do FSLR stock any favors. It completely misses analysts’ estimates of $1.04 billion.
Let’s see what went wrong for the third-quarter First Solar earnings report.
- EPS for the quarter is 46.30% lower than the 54 cents from the same time last year.
- Revenue was down 19.14% YoY from $676.22 million.
- Operating income of $41.30 million is a 29.38% drop from $58.48 million in the same period of the year prior.
- The First Solar earnings report also includes a net income of $30.62 million.
- That’s a 46.98% decrease from $57.75 million in the third quarter of 2018.
- FSLR also saw its cash, restricted cash and marketable securities drop to $1.60 billion at the end of the quarter.
- This was previously at $2.10 billion at the end of Q2 2019.
- The drop was due to “higher expenditures” in connection to its Series 6 platform.
Mark Widmar, CEO of First Solar, said this in the FSLR stock earnings report.
“We’re pleased with the ongoing progress of our Series 6 technology platform. Capacity utilization, throughput and yield continue to improve, resulting in record Series 6 production of approximately 1 GW in the quarter.”
The First Solar earnings report also includes an update to its 2019 guidance. The company is now expecting operating income to range from $320 million to $370 million. It was previously expecting this to be between $290 million and $340 million. It’s also now looking for operating expenses to come in between $350 million to $370 million.
FSLR stock was down 2.31% in after-hours trading on Thursday. The stock was up 1.10% when the markets closed today.
As of this writing, William White did not hold a position in any of the aforementioned securities.