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First Solar Is Tanking

Rob WileAug 6, 2014, 01:47 IST

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.

More to come...