First Solar stock plunges 20%

Shares in solar power company First Solar fell over 20% in early trading Wednesday after the firm lowered its sales forecast for 2011. The Arizona-based company, which is a leading maker of thin-film solar panels and also a developer of solar power projects, predicted net sales in 2011 of $2.8 to $2.9 billion. That's down from earlier projections of $3.0 to $3.3 billion. The company said the lower sales were due to delays in its projects caused by weather and "other factors," but predicted a healthy 2012. "Our diverse business model and robust project pipeline will help First Solar generate a significant amount of cash in 2012 while improving operational efficiencies," Mike Ahearn, Chairman and Interim CEO of First Solar, said in a statement Wednesday.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Solar FlexRack - TDP 2.0 Solar Tracker with BalanceTrac

Solar FlexRack - TDP 2.0 Solar Tracker with BalanceTrac

Solar FlexRack's latest solar tracker technology bundles an advanced tracker design with a full team of seasoned engineering and installation experts at your service. The next-generation solar tracker delivers a package of features that both enable increased energy yields for commercial and utility-scale solar installations, and significantly reduce project risks. That translates to smart installation cost-savings across your project budget.