First Solar (FSLR) reported Q1 earnings late Tuesday of $1.95 per diluted share, down from $2.20 a year earlier.

Analysts polled by FactSet expected $2.36.

Net sales for the quarter ended March 31 were $844.6 million, up from $794.1 million a year earlier.

Analysts surveyed by FactSet expected $843.2 million.

The company said it expects 2025 net sales between $4.5 billion and $5.5 billion, down from previous guidance of $5.3 billion to $5.8 billion. Analysts polled by FactSet expect $5.46 billion.

First Solar also revised its 2025 diluted EPS outlook to between $12.50 and $17.50 from $17 and $20. Analysts surveyed by FactSet expect $17.73.

First Solar said it revised its guidance to account for new April 2025 tariffs, citing near-term pressure but reaffirming strong long-term US demand.

Shares of First Solar were down 11% in after-hours activity.