First Solar Shares Take Hit as Sales Disappoint

First Solar reported quarterly sales that fell well short of what the Street was expecting, punishing the company's stock in late trading Wednesday.

The company gave a full fiscal 2009 revenue projection of between $1.98 billion to $2.03 billion—which is at the high end of the previously provided guidance range—but that wasn't enough to buoy the firm's stock.

The solar energy bellwether earned $1.79 in its third quarter on sales of $481 million, compared with $1.20 a share on sales of $349 million in the same period last year.

Analysts who follow First Solar expected the company to turn in a profit of $1.74 a share on sales of $529 million, according to a consensus from Thomson Reuters.

First Solar shares dove more than 15 percent in extended trading Wednesday. They closed at $151.58.