Photo: First Solar
First Solar announced Q4 EPS of $1.26, missing analysts’ estimate of $1.57.Net sales came in at $660 million falling short of the estimate for $781 million.
The stock has plunged 12 per cent in electronic trading.
“First Solar’s performance in the quarter was impacted by an aggressive competitive environment, an uncertain regulatory environment, warranty-related charges, and restructuring costs incurred to help position our business for the future,” wrote Mike Ahearn, the interim CEO.
“Despite these headwinds, we continue to make strides reducing manufacturing costs, increasing module efficiency, and successfully building out our captive project pipeline. These improvements, combined with our recent restructuring and strategic repositioning, enhance our competitive position in a very challenging environment.”
Shares of First Solar have been halted following the close of the U.S. trading session.
The solar panel maker is scheduled to announce quarterly earnings this afternoon.