Shares of the manufacturer of solar panels, First Solar (NASDAQ: FSLR) sunk in pre-market trading on Friday even as the company swung to earnings of $0.40 per diluted share in the first quarter versus a loss of $0.07 in the same period last year but still fell short of consensus estimates of earnings of $0.99 per share.
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The company’s net sales also saw a big decline of 45% quarter-over-quarter to $548 million in Q1 but missed consensus estimates of $713.8 million.
Looking forward, First Solar reaffirmed its outlook for FY23 and expects net sales in the range of $3.4 billion to $3.6 billion while earnings are projected to range between $7 to $8 per share.
Analysts are cautiously optimistic about FSLR stock with a Moderate Buy consensus rating based on 10 Buys, nine Holds, and two Sells.
