First Solar Falls After Reporting $401 Million Charge
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First Solar Inc., the world’s largest maker of thin-film solar panels, fell to a record low after reporting a $401 million restructuring charge yesterday related to firing 30 percent of its workforce.
First Solar fell 6.3 percent to $16.94 at the close in New York, the lowest since going public in November 2006. The shares have declined 50 percent this year. The Tempe, Arizona-based company reported yesterday a first-quarter net loss of $449.4 million, or $5.20 a share.