First Solar, Inc. (Nasdaq:FSLR) shares fell after the company’s latest quarterly results.
Solar energy, the company announced net profit for the first quarter of $82.95 million, or 78 cents per share, which represents a significant improvement compared to its year ago profit of $9.13 million, or 9 cents a share. The company’s revenue for the period amounted to $ 567.27 million, a decrease of approximately 36.4 per cent compared to the same quarter last year of $ 891.79 million in the first quarter of fiscal 2017.
For the full fiscal year, first solar expects adjusted earnings in the range of $1.50 to $ 1.90. per share, and sales volume is planned in the range of 2.45 billion to $ 2.65 billion dollars. The company also announced the addition of the new us series 6 of the plant, which will be located adjacent to the existing facility in Northwest Ohio.
The plant will have a design capacity of 1.2 GW, with an initial production at the plant will start in early 2019. The expected capital cost of the plant will be about $ 400 million.
This step will help first solar generate more than 500 new high-quality jobs in manufacturing. At the end of the quarter, the company had ending net cash of $2.4 billion and 3.3 GWh are available in the 2018 fiscal year-to-date.
FSLR shares dropped by about 0.2 percent after Thursday call due to the reduction of the company’s revenue despite the revenue ahead of the year ago mark.