Solar Panel Manufacturer Closing Down

Solar panel manufacturer First Solar is scheduled to report quarterly results after U.S. markets close today, with Wall Street expecting earnings per share to decline more than 64 percent year-on-year.

Shares in Solar panel manufacturer First Solar have been halted pending the announcement. Consensus expectations are for earnings per share of $0.48 on top line results of $678.8 million.

The company has faced substantive hardships since the year began, announcing it would cut its workforce by some 30 percent as well as face reduced subsidies in some of its largest markets.

The 2,000 job cuts would come as the company closes all of its operations in Frankfurt, Germany and indefinitely idles some production lines in Malaysia, adding to reductions already taking place in Europe and the U.S.

“After a thorough analysis, it is clear the European market has deteriorated to the extent that our operations there are no longer economically sustainable, and maintaining those operations is not in the best long-term interest of our stakeholders,” Interim Chief Executive at First Solar Mike Ahearnsaid at the time. “The solar market has fundamentally changed, and we are quickly adapting our market approach and operations to maintain and build upon our competitive advantage.”

The news followed a serious blow in February, when Germany’s environment minister Norbert Roettgen said the country would cut subsidies supporting the solar industry by as much as 30 percent.

The cuts, which had been anticipated, were far larger than the 15 percent decline analysts were expecting.

Advertisment - Learn more

The Author

×

Lou from Peregian Springs, Queensland asked for 3 quotes for solar 32 mins ago!

emily from Currumbin Waters, Queensland asked for 3 quotes for solar about 1 hour ago!

Luke from East Innisfail, Queensland asked for 3 quotes for solar about 2 hours ago!

jodi from Cooktown, Queensland asked for 3 quotes for solar about 3 hours ago!

Tim from Urraween, Queensland asked for 3 quotes for solar about 3 hours ago!

Jenny from Chinchilla, Queensland asked for 3 quotes for solar about 4 hours ago!

Scott from Torquay, Queensland asked for 3 quotes for solar about 4 hours ago!

Selby from Kelso, Queensland asked for 3 quotes for solar about 4 hours ago!

Corinne from Mount Sheridan, Queensland asked for 3 quotes for solar about 4 hours ago!

Alison from Bluewater Park, Queensland asked for 3 quotes for solar about 4 hours ago!

Emma from Woree, Queensland asked for 3 quotes for solar about 5 hours ago!

Mrs S from Cannonvale, Queensland asked for 3 quotes for solar about 5 hours ago!

Lindy from Talegalla Weir, Queensland asked for 3 quotes for solar about 5 hours ago!

Anne from Maryborough, Queensland asked for 3 quotes for solar about 5 hours ago!

joel from Millaroo, Queensland asked for 3 quotes for solar about 6 hours ago!

Kerrie from Highfields, Queensland asked for 3 quotes for solar about 6 hours ago!

ian from Koongal, Queensland asked for 3 quotes for solar about 6 hours ago!

Thomas from Port Curtis, Queensland asked for 3 quotes for solar about 7 hours ago!

Victor from Mount Louisa, Queensland asked for 3 quotes for solar about 8 hours ago!

kevin from Mount Pleasant, Queensland asked for 3 quotes for solar about 8 hours ago!