First Solar reported fourth-quarter results late Tuesday that beat estimates on earnings but fell short on revenue, as did the company's outlook for 2022. FSLR stock dropped.
The solar equipment company reported adjusted earnings of $1.23 a share on revenue of $907.3 million. Analysts expected First Solar to report earnings of $1.06 a share on revenue of $918 million, according to FactSet.
FSLR stock plunged 11.7% to 66.70 during after-hours trading on the stock market today.
The company estimated 2022 revenue in the range of $2.4 billion to $2.6 billion. That's below the analyst estimates of $2.75 billion. It expects adjusted earnings in a range of zero to 60 cents. The estimate is $1.81.
FSLR Stock: Navigating Near-Term Headwinds
First Solar specializes in high-efficiency, thin-film solar panels used in utility-scale and commercial installations.
"We will continue to navigate near-term headwinds with a focus on the future, as we invest in realizing the full value of our differentiated thin-film technology," Chief Executive Mark Widmar said in written remarks with the First Solar earnings release. "This pivotal year will revolve around continued significant investment in R&D, new products, manufacturing expansion, and employing new contracting strategies, all of which we believe set the stage for sustained growth in 2023 and beyond."
FSLR stock is down 13% this year.
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