First Solar (NASDAQ:FSLR) shares fell nearly 10% in premarket Friday trading after the solar module manufacturer delivered disappointing Q1 figures.
The company reported EPS of $0.40 on revenue of $548 million, missing the analyst consensus for earnings of $1.01 per share on revenue of $716.79M.
First Solar blamed the miss on the seasonality of module deliveries.
Still, FSLR reiterated its FY guidance for revenue between $3.4 billion and $3.6B, ahead of the consensus at $3.21B. Full-year profit guidance is also reiterated to a range of $7-$8 per share.
“We entered 2023 in a significantly stronger commercial, operational, and financial position than the previous year, setting the stage for growth and improved profitability in 2023 and beyond,” said Mark Widmar, CEO of First Solar.
Goldman Sachs analysts remain positive on FSLR stock as the reiterated guidance offsets Q1 weakness.
“Module ASP trends remained strong with base ASPs on recent bookings continuing to rise as FSLR is able to selectively sign contracts with attractive pricing. We reiterate our Buy rating,” the analysts wrote in a note.
Evercore ISI analysts cut the price target to $189 per share after the Q1 earnings report.