Drop in profit pushes down First Solar stock
11/3/2012NEW YORK — First Solar Inc. shares fell 9 percent to close at $22.54 Friday, a day after the Toledo-born firm reported a 55 percent drop in third-quarter profit because of restructuring charges and lower revenue.
The biggest U.S. solar-panel maker, now based in Tempe, Ariz., said its third-quarter profit was $87.9 million, or $1 a share, compared with $196.5 million, or $2.25 a share, a year ago. Sales for the quarter were $839 million, 17 percent lower than in the same quarter of 2011. First Solar lowered its 2012 sales forecast to $3.5 billion to $3.8 billion, from its August forecast of $3.6 billion to $3.9 billion. Net income was $87.9 million, or $1 a share, compared with $196.5 million, or $2.25 a share, a year ago. First Solar lowered its 2012 sales forecast to $3.5 billion to $3.8 billion, from its August forecast of $3.6 billion to $3.9 billion.