Shares of First Solar Inc. fell more than 11% in the extended session Tuesday after the solar-panel maker reported a mixed quarter, with sales falling short of Wall Street expectations, and 2022 sales guidance was lower than estimates. First Solar said it earned $131 million, or $1.23 a share, in the fourth quarter, compared with $45 million, or 42 cents a share, in the year-ago quarter. Sales rose to $907 million from $584 million a year ago. Analysts polled by FactSet expected the company to report adjusted profit of $1.06 a share on sales of $918 million. The industry faced “supply chain, logistics, cost, and pandemic-related challenges,” Chief Executive Mark Widmar said in a statement, and continues to navigate near-term headwinds. The year is “pivotal” and will revolve around “continued significant investment in R&D, new products, manufacturing expansion, and employing new contracting strategies,” he said. First Solar guided for 2022 net sales between $2.4 billion and $2.6 billion, and 2022 EPS between breakeven and 60 cents a share. That compares with 2022 sales expectations around $2.8 billion, according to FactSet.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
