First Solar Shares Down 4% On Revenue Miss

Shares of First Solar Inc. fell 4% late Wednesday after the solar developer reported first-quarter sales below expectations, although it beat earnings forecasts. First Solar said it earned $1.66 a share in the quarter, reversing a loss of 61 cents a share in the year-ago period. Sales reached $848 million, up from $469 million a year ago. Analysts polled by FactSet had expected First Solar to report earnings of 94 cents a share on sales of $959 million. The company also raised its 2016 per-share earnings guidance to between $4.10 a share and $4.50 a share and kept 2016 net sales projections at $3.8 billion to $4 billion. Shares had ended the regular trading day up 1.3%.