First Solar Stock Sinks After Worse-Than-Expected Q3 Results, Cut FY24 Guidance

First Solar, Inc. (NASDAQ:FSLR) reported its third-quarter results after Tuesday's closing bell. Here's a look at the key figures from the quarter. The Details: First Solar reported quarterly earnings of $2.91 per share, which missed the analyst consensus estimate of $3.13. The company said its earnings were impacted by a $50 million product warranty reserve charge during the quarter.Quarterly revenue came in at $887.67 million, which missed the analyst consensus estimate of $1.07 billion. First Solar reported year-to-date net bookings of 4.0 GW with 0.4 GW since the company’s second-quarter earnings ...Full story available on Benzinga.com

First Solar, Inc. FSLR reported its third-quarter results after Tuesday's closing bell. Here's a look at the key figures from the quarter.

The Details: First Solar reported quarterly earnings of $2.91 per share, which missed the analyst consensus estimate of $3.13.

The company said its earnings were impacted by a $50 million product warranty reserve charge during the quarter. Quarterly revenue came in at $887.67 million, which missed the analyst consensus estimate of $1.

07 billion. First Solar reported year-to-date net bookings of 4.0 GW with 0.

4 GW since the company’s second-quarter earnings call. The company said it has an expected sales backlog of 73.3 GW.

Read Next: Boeing Strike Drags On: Union Contract Rejection ‘Adds Further Uncertainty, Costs, Recovery Delays,’ Says Analyst “As we approach the end of 2024, we remain pleased with the progress made across our business, navigating against a backdrop of industry volatility and political uncertainty, with a continued focus on balancing growth, profitability and liquidity,” said Mark Widmar , CEO of First Solar. “We expect that our disciplined, long-term approach will allow us to work through the outcomes of the upcoming U.S.

elections as well as the continued volatility across the solar manufacturing industry,” Widmar added. Outlook: First Solar revised its fiscal 2024 net sales forecast from a range of $4.4 billion to $4.

6 billion to a new range of $4.1 billion to $4.25 billion, versus the $4.

44 billion estimate. The company also revised its full-year earnings forecast from between $13 and $14 per share to between $13 and $13.50 per share, versus the $13.

49 estimate. FSLR Price Action: According to Benzinga Pro , First Solar shares are down 4.84% after-hours at $190.

38 at the time of publication Tuesday. Read Also: Starbucks Analysts Bullish On CEO Brian Niccol After Tough Preannouncement: ‘Zeroing In’ On Right Issues This image was generated using artificial intelligence via MidJourney. © 2024 Benzinga.

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