Here's Why First Solar Just Slashed Its Revenue Outlook

The question of course is, why?  During a time when solar is booming, First Solar is slashing revenue projections?  What is the disconnect?

Our guess, and it is pure speculation, is that perhaps their product, maybe pricing, has not kept up with the incredible advances enjoyed by the industry.  R & D, new technology, much better production and manufacturing have leapfrogged solar's remarkable ascent into better pricing and value.  Is First Solar struggling to keep up?

We hope this is an anomaly.  That renewables continue to boom and, perhaps, First Solar can get back on track with sales as well.  We need winners across the board and high numbers for growth in revenue and jobs.

Here's Why First Solar Just Slashed Its Revenue Outlook

These projects have been delayed.

First Solar, the largest U.S. solar equipment manufacturer, reported a 55.9% drop in quarterly profit on Wednesday, and the company cut its full-year revenue forecast for the second time.

The company cut its revenue guidance to $2.8 billion-$2.9 billion from $3.8 billion-$4 billion as it revised the sale timing for its California Flats and Moapa projects. The projects are now expected to be sold in 2017.

First Solar’s net income fell to $154.1 million, or $1.49 per share, in the third quarter ended Sept. 30 from $349.3 million, or $3.41 per share, a year earlier.

Net income in the quarter was hurt by pre-tax charges of $4 million.

First Solar, the first major U.S. solar company to report quarterly results, said net sales fell 45.9% to $688 million due to the completion of multiple systems projects during the quarter.