First Solar (NASDAQ:FSLR) earnings for the solar power company’s fourth quarter of 2019 are bad news for FSLR stock. This is due to its diluted losses per share of -56 cents, while Wall Street’s estimate was for adjusted earnings per share (EPS) of $2.72. Revenue of $1.4 billion also falls short of Wall Street’s estimate of $1.75 billion.
Here’s what else went wrong during the most recent First Solar earnings report.
- Diluted per-share losses was a switch from EPS of 49 cents during the same time last year.
- Revenue came in 102.54% higher than $691.24 million in the fourth quarter of 2018.
- Operating loss of -$117.87 million was worse year-over-year than operating income of $41.3 million.
- The First Solar earnings report also included a net loss of -$59.41 million.
- This is way lower than the company’s net income of $52.12 million from the same period of the year prior.
Mark Widmar, CEO of First Solar, said this about the FSLR stock earnings:
“Despite our reported loss, I am pleased with the continued execution of our Series 6 roadmap. With ongoing improvements in throughput and efficiency across our fleet, strong demand for Series 6, and our pipeline of contracted shipments as far out as 2023, we are well positioned for the future.”
First Solar also announced its outlook for 2020 alongside its earnings report. This includes per-share earnings ranging from $3.25 to $3.75, and revenue between $2.7 billion to $2.9 billion. Meanwhile, Wall Street is looking for $3.56 per share on revenue of $3.37 billion during the year.
FSLR stock is down more than 16% after-hours Thursday, and closed out the day up 3.4%
As of this writing, William White did not hold a position in any of the aforementioned securities.