NEW YORK (TheStreet) -- Shares of First Solar Inc. (FSLR) - Get Report are declining by 10.53% to $50.47 in late morning trading on Friday, after the company reported third quarter earnings results that declined year-over-year, and failed to meet analysts' expectations.

The company, which manufactures and sells photovoltaic solar modules, said net income for the most recent quarter fell to $88.4 million, or 87 cents per diluted share, compared to $195 million, or $1.94 per diluted share for the 2013 third quarter.

First Solar's adjusted profit was 61 cents per share, falling short of the 64 cents average analysts polled by Bloomberg were expecting, Bloomberg reports.

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Revenue for the most recent quarter dropped to $899.3 million versus $1.27 billion for the same period last year. Analysts were expecting $1.05 billion for the quarter.

Additionally, First Solar announced on Thursday that it will not spin off its solar power plants into a separate publicly traded company, as some of its competitors have done, Value Walk reports.

Separately, TheStreet Ratings team rates FIRST SOLAR INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate FIRST SOLAR INC (FSLR) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, poor profit margins and weak operating cash flow."

You can view the full analysis from the report here: FSLR Ratings Report

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