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Thursday, February 20, 2020

=First Solar (FSLR) reported earnings on Thur 20 Feb 20 (a/h)

First Solar Earnings Show Unexpected Loss As Revenue Falls Short

First Solar (FLSR) reported fourth-quarter results Thursday that showed an unexpected loss and also missed Wall Street estimates on revenue. The First Solar earnings report came after the market close.

The solar-panel maker also said it was "reviewing options" for its U.S. project development business.

First Solar reported a GAAP loss of 56 cents per share on revenue of $1.4 billion. Wall Street expected a GAAP profit of 31 cents on revenue of $1.86 billion, according to S&P Global Market Intelligence.

The company said it expects revenue in 2020 in the range of $2.7 billion to $2.9 billion, below estimates of $3.56 billion.

Working With Advisors
First Solar also announced it is "working together with advisors, reviewing options for its U.S. project development business."

"First Solar, at its core, is a technology and module manufacturing company," said Mark Widmar, chief executive of First Solar, in prepared remarks. "Given the significant evolution of developing utility-scale PV projects in the United States, we believe now is an appropriate time to evaluate our options with respect to our U.S. project development business line."

Founded in 1999 and headquartered in Tempe, Ariz., First Solar specializes in high-efficiency thin-film solar panels used mainly in utility-scale and some commercial installations. It also operates a downstream project development business.

The First Solar earnings report follows that of SolarEdge Technologies (SEDG), which reported Wednesday that beat estimates.

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