First Solar Cuts Earnings Guidance On Timing Of Systems Project Sale

(RTTNews) - First Solar, Inc. (FSLR) announced its guidance ranges for 2018 have been updated as a result of lower expected module sales, higher manufacturing ramp costs and the revised expectation that the Ishikawa project in Japan will now be sold in 2019. Earnings per share are now projected in a range of $1.40 to $1.60, down from prior guidance range of $1.50 to $1.90. Net sales are expected to be in the range of $2.3 billion to $2.4 billion, down from previous guidance range of $2.5 billion to $2.6 billion.

For the third-quarter, net sales were $676 million; and earnings per share was $0.54. Cash and marketable securities at the end of the third quarter was at $2.7 billion.