Reuters logo
6 months ago
First Solar swings to loss on restructuring, impairment charges
February 21, 2017 / 9:16 PM / 6 months ago

First Solar swings to loss on restructuring, impairment charges

Feb 21 (Reuters) - First Solar Inc, the largest U.S. solar equipment manufacturer, swung to a quarterly loss, as the company recorded charges related to a transition to a new module.

The company reported a net loss of $719.9 million, or $6.92 per share, in the fourth quarter ended Dec. 31, compared with a profit of $164.1 million, or $1.60 per share, a year earlier.

First Solar said on Tuesday it recorded $728.9 million in charges in the latest quarter related to plans to abandon the Series 5 modules and other restructuring.

The company said net sales fell 49 percent to $480.4 million due to rising competition and a stubborn decline in solar panel prices.

First Solar is bringing forward production of its Series 6 modules by a year to 2018 and abandoning plans for the Series 5 product. The company had initially expected the Series 5 and 6 products to be on the market at the same time.

The company said it secured debt financing of about 27 billion yen ($237.63 million) from Mizuho Bank Ltd for a utility-scale solar project in Japan. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below