First Solar Whiffs On Earnings, Shares Slide

First quarter adjusted earnings came in at $0.69 per share, which is shy of the $0.75 analysts were looking for.

The stock was up around 4% at the close, but shares are erasing those gains during the after-hours trading session.

"We demonstrated progress on several fronts during the first quarter, including continued strengthening of our balance sheet and additions to our pipeline,” said CEO Jim Hughes. “We remain on track for the year and reaffirm our full-year 2013 financial guidance and are focused on achieving our goal of new bookings to shipments ratio of one-to-one."

Analysts at Citi recently declared solar one of the 10 most disruptive innovations in the world today.