First Solar Seeks to Hold Its Ground as Backlog Slips 15%
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First Solar Inc., the biggest maker of thin-film solar panels, said its “expected revenue” fell 15 percent last year and its goal for this year is to avoid slipping further. The shares plunged the most in five months.
The company had $8 billion in expected revenue at the end of 2012, down from $9.4 billion a year earlier, Chief Executive Officer Jim Hughes said yesterday on a conference call with analysts. That’s a new metric the Tempe, Arizona-based company is using to assess its performance and includes panels that will be installed at solar farms it’s building and contracted sales to other developers.