By Davit Kirakosyan
First Solar (NASDAQ:FSLR) shares fell more than 6% after-hours following the company’s reported Q3 results, with EPS of ($0.46) coming in worse than the consensus estimate of ($0.20). Revenue was $629 million, missing the consensus estimate of $736.04 million.
The company updated its fiscal 2022 guidance, expecting EPS in the range of ($0.65)-($0.35), compared to the consensus of ($0.10), and revenue in the range of $2.6-2.7 billion, compared to the consensus of $2.62 billion.
“Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational,” said Mark Widmar, CEO of First Solar.
The company also announced that it plans to invest approximately $270 million in a dedicated research and development (R&D) innovation center in Perrysburg, Ohio. The new facility, covering an area of approximately 1.3 million square feet, is believed to be the first of its scale in the U.S. and is expected to accelerate American leadership in the development and production of advanced thin film photovoltaics (PV).