No downgrades have come in yet. Analysts are largely defending the company, talking up the GE deal and focusing on the impact of project sale timings on Q2 results.
Solar peers continue to dive (TAN -8.1%) thanks to First Solar and SunEdison's (I, II) results and guidance. SPWR -12.4%. TSL -7.5%. ASTI -7.1%. SCTY -5.5%. CSIQ -7.8%. SOL -9%. JASO -6.8%. LDK -6.5%.
First Solar's Q2 module production totaled 388.9MW, +5% Q/Q and Y/Y. Its total cost/watt fell $0.02 Q/Q and $0.05 Y/Y to $0.67. 2013 guidance is for a cost of $0.63-$0.66.
Capacity utilization is at 75%, flat Q/Q and +1200 bps Y/Y. Conversion efficiency +10 bps Q/Q and +40 bps Y/Y to 13%. 2013 lead-line exit guidance is at 14%.
Expected future module shipments stand at 2.2GW, down from 2.6GW at the end of 2012 (900MW in YTD shipments offsetting 500MW in new bookings). Expected future revenue at $7.6B vs. $8B at end of 2012.