First Solar Cuts Guidance
August 03 2016 - 5:30PM
Dow Jones News
First Solar Inc. on Wednesday reported a sharp drop in
second-quarter profit tied to restructuring charges and cut its
profit guidance for the year, citing higher projected operating
expenses.
Still, shares, which have lost about one-quarter of their value
this year, rose 4% to $51 in after-hours trading as the company's
quarterly results beat expectations.
Over all, First Solar reported a profit of $13.4 million, or 13
cents a share, compared with $93.9 million, or 92 cents a share, a
year earlier. Excluding charges largely tied to a previously
announced shift in production capacity at a plant in Malaysia,
profit was 87 cents a share.
Net sales rose 4% to $934.4 million.
Analysts surveyed by Thomson Reuters had projected 54 cents a
share on $862.7 million in revenue.
Gross margin improved to 20.5% from 18.4% a year earlier.
For the year, the Tempe, Ariz., company now expects to make
$3.65 to $3.90 a share, compared with its earlier view of $4.10 to
$4.50 a share.
It again affirmed its sales and shipments guidance.
In 2015, First Solar made $5.37 a share on $3.58 billion in
sales.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 03, 2016 17:15 ET (21:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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