NEW YORK (TheStreet) -- Shares of First Solar Inc. (FSLR) are lower by -4.30% to $60.92 at the start of trade on Wednesday, after the company reported a decline in GAAP net earnings to $4.5 million, or 4 cents per diluted share for the 2014 second quarter, from $33.6 million, or $1.10 per diluted share for the year ago period.
The drop in income was the result of delays in the company's projects, resulting in the deferment of earnings, First Solar said.
The solar company said revenue for the most recent quarter grew to $544 million from $519.8 million for the 2013 second quarter.
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Although revenue increased, it fell short of the $796 million analysts polled by Thomson Reuters were expecting.
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."