First Solar (NASDAQ:FSLR)-10%post-market Thursday after reporting a larger than forecast Q3 loss and reducing full-year earnings guidance primarily to reflect unforeseen logistics costs.
First Solar (FSLR) swung to a Q3 operating loss of $68M from operating income of $145M in Q2, attributing the drop primarily to a gain on the sale of the company's Japan project development platform recorded in the prior quarter and higher logistics charges in Q3.
For FY 2022, First Solar (FSLR) now sees a wider loss of $0.35-$0.65/share from its previous outlook for a range of +/- $0.25/share, while narrowing full-year revenue guidance to $2.6B-$2.7B from $2.55-$2.8B previously.
The company also raised the lower end of guidance for FY 2022 shipments to 9.1-9.4 GW from 8.9-9.4 GW previously.
Separately, First Solar (FSLR) unveiled plans to spend ~$270M in a dedicated research and development innovation center in Perrysburg, Ohio, to be located near the company's existing Perrysburg manufacturing facility
The company believes the new facility will be the first of its scale in the U.S. and will "accelerate American leadership in the development and production of advanced thin film photovoltaics."
First Solar's (FSLR) stock price return shows a 48% YTD gain and a 19% increase during the past year.
