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Published: Thursday, 10/29/2009

First Solar's revenueis below expectations

TEMPE, Ariz. — First Solar Inc., a solar panel maker whose only North American factory is in Perrysburg Township, yesterday posted revenue far below Wall Street's view as weak demand and heavy competition weighed on prices, disappointing investors.

First Solar said it had third quarter revenue of $153 million, $1.79 a share, up $99 million, or $1.20 a share, a year ago.

That beat analysts' average view of $1.74 per share, according to Thomson Reuters I/B/E/S.

But the company generated revenue of $481 million in the quarter, up from $349 million a year before, but sharply below the $529 million expected by analysts. That resulted in its stock dropping in after-hours trading.

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