First Solar cuts forecasts and jobs, sees better 2012

First Solar has lowered its 2011 sales and earnings guidance, while announcing a second round of cost-cutting in two months in response to a global supply-glut for PV panels and fewer government subsidies in Europe.

It forecasts net sales at $2.8bn to $2.9bn, down from $3bn to $3.3bn in late October, and income of $5.75 to $6.00 a share versus an earlier $6.50 to $7.50.

The maker of thin-film solar panels will cut about 100 jobs in the new restructuring round, which it says is less than 1.5% of its workforce.

Revised guidance does not include expected charges related to a series of initiatives to cut costs and improve efficiency, the majority of which will be incurred this quarter and result in charges totalling 85 cents a share.

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