Boston, MA 03/20/2014 (wallstreetpr) – First Solar, Inc. (NASDAQ:FSLR) is the largest U.S. solar panel maker. The company generated 65 percent of its sales in 2013 from large solar farm projects. But that market is now slowing in the U.S. This slowdown in utility projects is due to the fact that power companies which used to acquire its large solar farms are now compliant with the regulatory requirements and no longer buy a lot of solar energy. That is a problem, but the good thing is that First Solar is always first in getting a way out when one door closes.
Thus, the company announced Wednesday at a meeting with analysts in New York that it was considering boosting its position in commercial and industrial rooftop installations.
During the analyst event in New York, the company’s CEO Jim Hughes said that they believe there are a lot of opportunities in the smaller projects due mainly to the unmet power needs in the segment. Thus, over the next three year, First Solar, Inc. (NASDAQ:FSLR) expects its sales to increase by 36 percent if it ups its pursuit of rooftop installation systems.
Mr. Hughes went on to state that for First Solar, Inc. (NASDAQ:FSLR), rooftops business is modeling up is their biggest growth segment, and although they are starting from a small base, the management is more confident than ever that competing in the rooftop segment will bear good fruits going forward.
No let up on utility business
Although First Solar, Inc. (NASDAQ:FSLR) is awake to the reality that utility plant projects in the U.S. which once fueled its growth are slowing down, the company is not just about to abandon utilities. The CEO said at the analysts meet that they have their eyes set on other regions such as India, Saudi Arabia and South America, where solar utilities business is still promising.
Positive outlook
First Solar, Inc. (NASDAQ:FSLR) forecasts that it expects earnings in 2015 to witness big improvement, thus coming in the range of $4.50 to $6, up from this year’s forecasted range of $2.20 to $2.60.
