First Solar restructuring leads to loss of $449M

AP News
Posted: May 03, 2012 4:23 PM
First Solar restructuring leads to loss of $449M

First Solar, one of the world's biggest solar panel manufacturers, posted a loss of $449 million in the first quarter as it struggles to withstand a shakeout in the solar industry.

First Solar said Thursday that it lost $5.20 per share on revenue of $497 million. Excluding charges for a restructuring, First Solar lost 8 cents per share. Analysts had expected it to earn 58 cents per share on an adjusted basis on revenue of $691 million.

A glut of solar panels brought on by a boom in new factories and lower demand in Europe, the world's biggest solar market, has sent panel prices plummeting and sapped the profits of panel makers.

The company also named Chief Commercial Officer James Hughes as chief executive, replacing interim CEO Mike Ahearn.