First Solar Is Tanking

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First Solar

Shares in First Solar were off 5.5% after hours Tuesday.

The Tempe-based solar panel manufacturer and distributor reported revenues of $544 million versus $785.88 million forecast.

Adjusted earnings per share of $0.04. Bloomberg said that figure may not be comparable with analysts' estimates.

The firm now claims to have created the highest efficiency thin film photovoltaic cell on record, at 21%. 

First Solar chalked up the revenue miss to delayed recognition of a project from last quarter, as well as project delays this quarter. Some revenue will now be deferred to the second half of the year, it said.

The company reaffirmed its full-year 2014 EPS and operating cash flow guidance. 

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