First Solar reported adjusted earnings of 4 cents a share on revenue of $544 million, well short of the consensus estimate of 37 cents a share on revenue of $795.88 million. The company reiterated its full-year earnings per share guidance in the range of $2.40 to $2.80, while analysts expect EPS of $2.70.
"While project delays in Q2 resulted in deferring some earnings to later in the year we remain on track to our financial targets for the year and reaffirm our full-year 2014 EPS and operating cash flow guidance," said CEO Jim Hughes in the company's press release. "In addition I am proud of the execution by the organization as demonstrated by a new record cell efficiency and new bookings of over 800MW."
The company also announced it had set a world record when it built the highest-efficiency thin-film PV cell, which achieved 21% efficiency.
The stock was down 5.36% to $60.25 at 4:31 p.m.
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 disappointing return on equity, weak operating cash flow and poor profit margins."
You can view the full analysis from the report here: FSLR Ratings ReportFSLR data by YCharts