First Solar (FSLR): Q1 EPS of -$0.08 misses by $0.67. Revenue of $497.1M (-27% Y/Y) misses by $184.4M
Solar's Q1: In spite of the massive Q1 miss, the company is lifting its 2012 EPS guidance to $4-$4.50 from $3.75-$4.25 ($4.07 consensus) thanks to its cost-cutting efforts. Operating cash flow guidance range is raised by $50M. No revenue guidance is provided. Q1 gross margin was just 15.4%, down from 45.8% a year ago.
Along with its dismal Q1 report, First Solar (FSLR) is announcing Chief Commercial Officer James Hughes is replacing founder/chairman Mike Ahearn as CEO. Ahearn became interim CEO in October, replacing Rob Gillette. Shares are still halted, and will resume trading at 5:20 PM ET
Solar's Q1: In spite of the massive Q1 miss, the company is lifting its 2012 EPS guidance to $4-$4.50 from $3.75-$4.25 ($4.07 consensus) thanks to its cost-cutting efforts. Operating cash flow guidance range is raised by $50M. No revenue guidance is provided. Q1 gross margin was just 15.4%, down from 45.8% a year ago.
Along with its dismal Q1 report, First Solar (FSLR) is announcing Chief Commercial Officer James Hughes is replacing founder/chairman Mike Ahearn as CEO. Ahearn became interim CEO in October, replacing Rob Gillette. Shares are still halted, and will resume trading at 5:20 PM ET
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