Feb 21 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
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
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