Trying times for the solar power industry continue.
First Solar (NASDAQ:FSLR) announced that it lost $449 million during the first quarter, compared to a $115 million profit during the same time last year. Company shares dropped more than 5% in Friday mid-day trading.
The reversal was due, in large part, to restructuring charges relating to a plant closure and job cuts that will slash the company’s payroll by 30%.
Excluding the restructuring charges, the company posted a loss of 8 cents per share, compared to EPS of $1.33 in 2011. Revenue during the quarter fell to $497 million from $567 million last year.
The results badly disappointed analysts who had forecast revenues of $691 million and adjusted EPS of 58 cents, the Associated Press said.
Company shares have plummeted from $140 last year to under $18 today.
The AP cited an analyst who wondered if the company’s thin solar panel business remained sustainable in the current marketplace.
The company also said that James Hughes, currently chief commercial officer, will become CEO. Mike Ahearn, First Solar’s founder, has served as temporary CEO since last October.