FirstSolar Lowers Guidance, Says Tariffs Will Give it Advantage

Dow Jones04:32

FirstSolar lowered its full-year sales guidance, but said that tariffs will give it a leg up in the solar manufacturing market.

The company posted third-quarter net income of $571.1 million, or $5.30 a share, up from $455.9 million, or $4.24 a share, the year prior.

Analysts polled by FactSet expected $4.67 a share.

Net sales fell 23% to $1.23 billion, which it said was driven by a decline in the volume of modules sold to third-parties. Wall Street expected $1.29 billion.

Cost of sales fell to $517.9 million from $984.1 million.

The company lowered its full-year net sales guidance to $4.6 billion to $4.9 billion, down from its previous forecast of $4.9 billion to $5.2 billion.

In August, President Trump announced Section 232 tariffs on some solar components. "As a technology company and the only fully-integrated utility-scale solar manufacturer without dependency on the Chinese crystalline silicon supply chain, we believe we are structurally positioned to benefit from this environment," says Chief Executive Mark Widmar.

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