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First Solar halted following downside 2017 guidance, restructuring

Nov. 16, 2016 4:32 PM ETFirst Solar, Inc. (FSLR) StockBy: Carl Surran, SA News Editor83 Comments
  • First Solar (NASDAQ:FSLR) is halted until 4:35 after raising its 2016 EPS guidance, while initiating FY 2017 guidance for earnings, revenue and PV shipments below analyst expectations.
  • FSLR lifts its 2016 EPS outlook to $4.60-$4.80, and says it expects a GAAP loss of $4-$6/ share this year, vs. an earlier outlook for GAAP EPS of $3.75-$3.90; FSLR also sees 2017 GAAP results to range from a loss of $0.10/share to earnings of $0.45, and its adjusted 2017 EPS from breakeven to earnings of $0.50/share.
  • FSLR announces an acceleration of Series 6 production into 2018, with ~3 GW of production expected in 2019; during 2017-18, existing production facilities will be converted to Series 6 production and the current Series 4 product will be phased out.
  • Says it will reduce its workforce at its manufacturing facilities both domestically and internationally due to the transition from Series 4 to Series 6 production, and expects to incur related restructuring and asset impairment charges of $500M-$700M, which includes a cash impact of $70M-$100M.

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