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Energy

First Solar cuts 2018 earnings and sales outlook; shares slide

Oct 25 (Reuters) - First Solar Inc lowered its earnings and sales forecasts for the year on Thursday, citing lower-than-expected sales of its solar panels, higher costs to ramp up manufacturing and the shift of a project sale into next year.

The company’s share slid 6.5 percent in after-hours trading following the announcement.

The U.S. solar panel producer said it expects earnings per share of $1.40 to $1.60, down from a prior view of $1.50 to $1.90. The sales forecast was lowered to a range of $2.3 billion to $2.4 billion, from a previous view of $2.5 billion to $2.6 billion. (Reporting by Nichola Groom Editing by Leslie Adler)

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