Shares of First Solar Inc. tanked Friday, a day after the company reported third-quarter earnings that missed Wall Street expectations. First Solar, which mainly makes solar panels, reported earnings of 61 cents a share, excluding certain items. Analysts polled by FactSet had expected earnings of 63 cents a share for the quarter. The company also reported third-quarter sales of $889 million, contrasting with expectations of $1.05 billion. In a conference call with analysts after the results, First Solar said it wouldn't spin off some of its power plants and other assets into subsidiaries known as "yieldcos," which also weighed on the stock. Shares of First Solar, which were higher for the year until last week, are now down 6% so far in 2014. The Guggenheim Solar exchange-traded fund has gained 3% for the year.
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