FSLR - Why First Solar's Shares Plunged 15.1% Today
2023-04-28 15:59:00 ET
Shares of solar panel manufacturer First Solar (NASDAQ: FSLR) fell as much as 15.1% in trading on Friday after the company announced first-quarter 2023 financial results. Shares recovered slightly as the day went on but were still down 9.7% at 3 p.m. ET.
Net sales were up 49% from a year ago to $548.3 million but down 45% from Q4 2022. Net income was $42.6 million, or $0.40 per share, improving from a $0.41 per-share loss a year ago. However, analysts were expecting revenue of $724 million and earnings of $0.99 per share.
Results may not have hit expectations for the quarter , but management said the full-year guidance is unchanged. Net sales are expected to be between $3.4 billion and $3.6 billion with earnings per share (EPS) of $7.00 and $8.00. They also said that backlog now stands at 71.6 gigawatts, or enough to be sold out into 2027.
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Why First Solar's Shares Plunged 15.1% Today