Bloomberg News

First Solar, SunPower Fall on Lower Third-Quarter Revenue

November 02, 2012

First Solar Inc. (FSLR:US) and SunPower (SPWR:US) Corp., the largest U.S. solar manufacturers, fell the most in at least four weeks after third-quarter sales slumped.

First Solar declined 8.9 percent to $22.54 at the close in New York, the most since Oct. 5. SunPower slid 7.9 percent, the most since Aug. 30.

First Solar’s sales slumped 17 percent to $839 million from a year earlier as the Tempe, Arizona-based company completed or slowed construction on some large U.S. solar farms, according to a statement yesterday. SunPower, majority owned by Total SA (FP), said sales declined 8 percent to $649 million, mainly due to lower shipments in several European markets.

First Solar lowered its 2012 sales forecast to $3.5 billion to $3.8 billion, from its August forecast of $3.6 billion to $3.9 billion. San Jose, California-based SunPower expects fourth-quarter sales of $650 million to $850 million, and neither company provided information about next year.

“Neither one of them had much specific about 2013,” Robert Stone, an analyst at Cowen & Co. in Boston, said in an interview today. “You didn’t even get a rough outline of what next year looks like and there’s lots of reasons to be uncertain,” including continuing slow demand in Europe and questions about U.S. incentive programs.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • FSLR
    (First Solar Inc)
    • $65.39 USD
    • -0.14
    • -0.21%
  • SPWR
    (SunPower Corp)
    • $37.96 USD
    • -0.60
    • -1.58%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus