First Solar stock drops 14% after 2012 report


TEMPE, Ariz. — First Solar Inc., the biggest maker of thin-film solar panels, saw its stock fall 14 percent to $27.03 Wednesday after it said its “expected revenue” fell 15 percent last year and its goal for this year is to avoid slipping further. Before Wednesday, the shares had gained 23 percent in six months.

The company had $8 billion in expected revenue at the end of 2012, down from $9.4 billion a year earlier, chief executive officer Jim Hughes said during a conference call with analysts. That’s a new metric the company is using to assess its performance and includes panels that will be installed at solar farms it’s building and contracted sales to other developers.

First Solar started in Toledo and has its only U.S. manufacturing site in Perrysburg Townshp.