First Solar shares are down over 7% after the solar equipments supplier reported a substantial 4th quarter loss of ($US6.92) per share, against consensus estimate of a $US1 profit.
The sharp slump after the earnings release adds to the shares lacklustre performance over the last year, losing almost half its value.
A huge pre-tax restructuring charge of $US729 million in the 4th quarter, compared to just $US4 million in the 3rd quarter, was to blame. If restructuring and other charges were excluded, the company would have posted a profit $US1.24 per share, beating consensus estimates.
Despite the difficult restructuring decisions that we undertook in the fourth quarter, we ended the year with strong operational …
Read the full article at: http://www.businessinsider.com/first-solar-tanks-after-huge-restructuring-charge-2017-2