Solar Energy Stocks Are Getting Burned
Solar industry stocks are tanking today. Yesterday, First Solar issued an ugly outlook.
First Solar was down as much as 16 percent today.
The Arizona-based company said it now expects sales of $650 million to $750 million for the first quarter, which is below the $822 million consensus forecast, according to Marketwatch. Management also put their cash flow from operations forecast range at breakeven to up to $100 million, compared with analysts' expectations of $214 million.
Meanwhile, Changzhou-based Trina Solar posted a fourth-quarter loss of $1.23, nearly $0.50 worse than analysts' expectations, Marketwatch said. The company also had gross margins of just 4.4% in 2012 compared with 16.2% in 2011, which it attributed to oversupply and aggressive pricing.
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