First Solar slumps on Q4 revenue miss, bleak outlook

Steelcase

02/03/2022 11:25

** Shares of solar panel maker  FSLR.O  down as much as
16.01% at $63.51, among top pct losers trading premarket on
Nasdaq
    ** Co's Q4 revenue of $907.32 million came below Refinitiv
IBES estimates of $917.69 million, hit by supply chain issues 
    ** Brokerage Evercore ISI lowers PT to $92 from $107; says
co's shipments in 2021 were reduced by extended supply chain
issues – resulting in lagged shipments of products manufactured
in Malaysia and Vietnam
    ** Co forecasts 2022 revenue in the range $2.4-$2.6 billion,
lower than $2.9 billion reported for 2021
    ** The stock was probably weak in after-hours trading due to
the underwhelming 2022 management guidance - Brokerage
    ** Brokerage says the solar industry is due to benefit from
elevated hydrocarbon market pricing, as renewables are growing
increasingly cheaper than traditional gas and coal fired
generation
    ** Stock down ~13% YTD, as of last close  

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))