First Solar falls 10% on cut guidance

First Solar Inc. shares fell 10% Wednesday to be the worst performer in the S&P 500, after the energy company’ lowered its 2012 revenue estimate and missed Wall Street’s adjusted earnings target.

Citing lower third-party solar module sales and higher manufacturing costs, First Solar /quotes/zigman/102025/quotes/nls/fslr FSLR -10.96% said it expects 2012 sales of $3.5 billion to $3.8 billion, down from its earlier estimate of $3.7 billion to $4 billion.

But it said its business installing solar power plants remains on track as it shifts its focus away from its thin-film solar panel production. First Solar said it expects to install 1.2 gigawatts of solar power systems this year.

The Tempe, Ariz., company kept its 2012 adjusted earnings target at $3.75 to $4.25 a share.

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- Posted: 2012-02-29 12:04:02

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