MarketWatch's Claudia Assis reports that shares of solar developer First Solar fell 4% yesterday, following the company's release of their first-quarter sales. Shares fell another 8% on Thursday under heavy selling pressure.
Although the numbers beat earnings forecasts, they fell below exceptions from analysts polled by FactSet.
First Solar said it earned $1.66 a share in the quarter, reversing a loss of 61 cents a share in the year-ago period. Sales reached $848 million, up from $469 million a year ago. Analysts polled by FactSet had expected First Solar to report earnings of 94 cents a share on sales of $959 million. The company also raised its 2016 per-share earnings guidance to between $4.10 a share and $4.50 a share and kept 2016 net sales projections at $3.8 billion to $4 billion.
First Solar also announced here that current Chief Financial Officer Mark R. Widmar has been appointed Chief Executive Officer, effective July 1, 2016.