Minutes ahead of the bell the stock is down $6.52 (-10.99%) at $52.80.
From The Street:
First Solar Dims Post-Earnings as It Evaluates Panel-Making Business
First Solar plunges after a surprise quarterly loss and lower-than-expected sales - and a reveal that it is evaluating options for its solar farm business.
Shares of First Solar (FSLR) - Get Report plunged on Friday after the largest U.S. maker of solar panels and systems posted a surprise quarterly loss, sales that fell short of analysts’ forecasts, and said it was evaluating options for its solar farm-building business, hinting it may seek to sell that part of its operations.
Shares of the Tempe, Arizona-based company were down more than 16%, or $9.52 a share, at $49.80 in premarket trading after announcing that it was in the early stages of reviewing its U.S. project development business, according to a statement from the company.
“First Solar, at its core, is a technology and module manufacturing company,” First Solar CEO Mark Widmar said in the statement. “Given the significant evolution of developing utility-scale PV projects in the U.S., we believe now is an appropriate time to evaluate our options.”
The announcement follows the company’s announcement of a surprise quarterly loss as well as sales below expectations. First Solar said it lost $59 million, or 56 cents a share, in the fourth quarter, vs. a profit of $52 million, or 49 cents a share, in the year-ago period....MORE
