First Solar, Inc. (NASDAQ:FSLR) shares are trading lower on Wednesday after the company reported worse-than-expected earnings for the first quarter and cut its full-year outlook.

What To Know: First Solar reported first-quarter earnings per share of $1.95, missing analyst estimates of $2.63. In addition, the solar company reported sales of $844.57 million, beating analyst estimates of $839.28 million, despite being down $700 million from the prior quarter.

Outlook: The company also cut its full-year 2025 guidance. First Solar previously projected earnings per share between $17 and $20, but said it now expects earnings per share of $12.50 to $17.50, below analyst estimates of $18.20.

The company also lowered its sales guidance from between $5.30 billion to $5.80 billion to a new range of between $4.50 billion to $5.50 billion, versus analyst estimates of $5.46 billion, according to Benzinga Pro.

“Despite the near-term challenges presented by the new tariff regime, we believe that the long-term outlook for solar demand, particularly in our core U.S. market, remains strong, and that First Solar remains well-positioned to serve this demand,” said Mark Widmar, CEO.

“This belief is based on the unique profile of First Solar compared to its peers, as America’s largest, and most established solar module manufacturer, and the country’s only fully vertically integrated producer, our significant network of domestic supply chain vendors, and our proprietary CadTel-based semiconductor.”

Analyst Changes: Following the earnings report, Keybanc downgraded First Solar to Underweight and set a new price target of $100 and Oppenheimer analysts downgraded the stock to Perform. Multiple analyst firms also lowered price targets.

• Wells Fargo analyst Michael Blum maintained an Overweight rating on First Solar and lowered the price target from $191 to $177.
• RBC Capital analyst Christopher Dendrinos maintained an Outperform rating on First Solar and lowered the price target from $237 to $214.
• BMO Capital analyst Ameet Thakkar maintained an Outperform rating on First Solar and lowered the price target from $200 to $187.
• Goldman Sachs analyst Brian Lee maintained a Buy rating and lowered the price target from $235 to $204.

FSLR Price Action: At the time of publication, First Solar stock was down 9.74% at $123.88, according to data from Benzinga Pro.

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