The company blamed the revenue miss on the allocation of modules to systems projects to meet the project contractual delivery schedules. It also noted that there were seven fewer production days in this quarter, and lastly that a full quarter impact of the pricing change was implemented in December of 2010.
It is claiming that it has a solid outlook for the year and said it is backing 2011 guidance of $9.25 to $9.75 EPS on net sales of $3.7 billion to $3.8 billion. Thomson Reuters has estimates of $9.52 EPS and $3.79 billion in revenues. The figures are expected to come to $900 million to $970 million in operating income, with cap-ex put in a range of $1.0 billion to $1.1 billion and operating cash flows of $800 million to $1.0 billion.
First Solar shares closed down by 2.1% at $134.66 today and shares were down as much as 4% to 5% originally in the after-hours. Shares are down about 1% at $133.30 in after-hours trading, and the 52-week trading range is $100.19 to $175.45.
JON C. OGG
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