Sell Off Seen In First Solar Inc. (NASDAQ:FSLR)
First Solar, Inc. (NASDAQ:FSLR) shares received the wrath of Wall Street, going down by 11% after the company fourth quarter earnings came below consensus estimates. The bad results were slightly overshadowed with good news that indicated the company’s researchers had developed a world record 20.4% cadmium telluride, thin film photovoltaic cell
Fourth quarter results
First Solar, Inc. (NASDAQ:FSLR) net sales for the fourth quarter came in at $768 million a drop of $497 million compared to sales for the same year third quarter. The company attributed the decline in net sales for the quarter to lower systems business project revenues as the sale of ABW projects.
GAAP net income for the quarter came in at $0.64 per diluted share a drop from highs of $1.94 for the third quarter of the same fiscal year. The below par results for the quarter was largely due to high pretax restructuring and asset impairment charges that rose to highs of $24.9 million. This was primarily related to a change in marketing strategy and additional write downs.
Non GAAP net income for the quarter came in at $0.89 per diluted share with full year GAAP net income coming in at $3.70 per diluted share. Full year GAAP net income was inclusive earlier announced restructuring activities as well as the sale of Mesa Arizona Facility
Cash and marketable securities as of the end of the fourth quarter came in at $1.8 billion a high of $232 million compared to the third quarter of the same fiscal year. Fourth quarter cash flows on the other hand clocked in at $192 million and $856 for full year.
First Solar, Inc. (NASDAQ:FSLR) projects earnings per share of between 50 and 60 cents for the current first quarter at the back of net sales of between $800 and $900 million.