First Solar Posts Loss; Executives Play Musical Chairs
First Solar (Nasdaq:FSLR) announced its Q1 earnings yesterday and posted its second-ever loss.
As reported yesterday, the company appointed Jim Hughes as new CEO, and as reported last month, First Solar idled lines in Malaysia, closed down its German factory, and fired 30 percent of its workforce, or about 2,000 employees.
The quarter’s loss was $449.4 million on $497.1 million of revenue versus net income of $116 million for the same quarter last year.
The company unveiled a five-year plan focused on emerging markets in the Sun Belt with a goal to ship 2.6 to 3.0 gigawatts at system prices, enabling a levelized cost of energy (LCOE) of $0.10 to $0.14 per kilowatt-hour. The stock is down and trading at close to 52-week lows:
The once high-flying thin-film solar firm had 2,520 megawatts of production capacity at the end of the fourth quarter, and anticipates producing 1,500 to 1,800 megawatts this year.
Analysts are all over the map on the quarter’s results and hopes for the company. Here’s a sampling of analyst reactions:
Greentech Media is an integrated online media company designed to deliver the highest-quality content in the industry, whether it is research, news or critical networking events. Greentech Media is headquartered in Cambridge, Mass., with operations in New York City, San Francisco and Munich.
Search 26k+ Solar Articles
- Glass and Green Building
- How China Will Transform The Energy Industry
- New Project Will Forecast Solar Generation
- In Focus: The Potential of Los Angeles Solar
- Tesla Reports Profit, Stock SKYROCKETS
- SolarCity Raises $500M
- Graphene That Redefines Electric Current
- NextEra Gobbles Up Smart Energy Capital
- Oil Prices and Renewable Energy
- 5 Promising Eco Careers
- In Focus: People Power!
- The EV Cordless Power Vehicle Charging System