First Solar slashes 2014 revenue target to nearly $3.9 bn

First Solar has slashed its revenue target for 2014 to $3.6 billion to $3.9 billion against an earlier estimate of $3.7 billion to $4 billion.

The solar company also said Capex (capital spending) will be reduced to $250-$300 million from $300-$350 million for the current year.

FirstSolar booking

However, the production of First Solar will be retained at 1.8 GW to 1.9 GW.

The downward revision in First Solar revenue follows a 30 percent dip in Q3 revenue to $889 million over Q3 2013.

First Solar said its net income nosedived 107 percent to $88 million in the third quarter.

On quarter-on-quarter basis, First Solar revenue increased 63 percent or by $345 million primarily due to increased revenue from the Desert Sunlight project.

FirstSolar Capex plans

“Following the project delays experienced in the prior quarter, our third quarter earnings have improved, and we continue to make progress towards our financial targets for the year,” said Jim Hughes, CEO of First Solar. “Our year to date book-to-bill ratio is well above our objective of a one-to-one ratio, and we are on track to meet or exceed our bookings goal for the year.”

Rajani Baburajan
[email protected]