{"id":11184,"date":"2012-04-28T00:38:59","date_gmt":"2012-04-28T04:38:59","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=11184"},"modified":"2012-04-28T00:38:59","modified_gmt":"2012-04-28T04:38:59","slug":"first-solar-retrenches-product-issues-spotlight","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2012\/04\/28\/first-solar-retrenches-product-issues-spotlight\/","title":{"rendered":"As First Solar Retrenches, Product Issues Receive A Fresh Spotlight"},"content":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on April 23, 2012. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n

Last week, First Solar (FSLR) cited a “…lack of legislative support for utility-scale solar projects in Europe” for a significant shutdown of manufacturing facilities in Europe and Malaysia<\/a>. FSLR is also slashing its sales force, support services, and administrative functions. I am relieved FSLR is being relatively proactive in its withdrawal from an unprofitable operating environment, but I am disappointed that they are not in a position to take the remaining business from competitors forced to exit the market. Perhaps other companies will follow. Regardless, it is a sad signature moment for the solar industry.<\/p>\n

I typically get nervous when a company announces such a substantial retrenchment… {snip}<\/p>\n

This retrenchment also allows fresh spotlights on old issues. For example, solar bear Gordon Johnson from Axiom Capital<\/a> appeared on Bloomberg again to offer his commentary on the latest First Solar setback. On Bloomberg Radio<\/a>, he not only commented on the operational issues, but also rehashed warranty and Cadmium issues. {snip}<\/p>\n

Johnson noted that the warranty risks are laid out in the company’s 10K filing<\/a>. That purported $800M liability motivated me to read it for myself. I scoured the report and simply could not figure out how Johnson came to the $800M figure. {snip} According to FSLR, its total warranty liabilities are substantially lower than $800M:<\/p>\n

{snip}<\/p>\n

First and foremost, there is nothing here to suggest that First Solar’s products are generally faulty. {snip}<\/p>\n

{snip}<\/p>\n

After it was all said and done, FSLR’s 10% pop on the restructuring news was mostly erased the next day and was completely gone by Friday. {snip}<\/p>\n


\n
\"First<\/a>
First Solar gets a temporary reprieve from all-time lows<\/figcaption><\/figure>
\nSource: FreeStockCharts.com<\/a><\/strong>
\n<\/center><\/p>\n

Be careful out there!<\/p>\n

(This is an excerpt from an article I originally published on Seeking Alpha on April 23, 2012. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n

Full disclosure: long FSLR<\/p>\n","protected":false},"excerpt":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on April 23, 2012. Click here to read the entire piece.) Last week, First Solar (FSLR) cited a “…lack of legislative support for utility-scale solar projects in Europe” for a significant shutdown of manufacturing facilities in Europe and Malaysia. FSLR is also … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[6,7,950,367,16],"class_list":["post-11184","post","type-post","status-publish","format-standard","hentry","category-solar-energy","tag-first-solar","tag-fslr","tag-product-warranty","tag-product_quality","tag-solar-stocks"],"yoast_head":"\nAs First Solar Retrenches, Product Issues Receive A Fresh Spotlight - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/04\/28\/first-solar-retrenches-product-issues-spotlight\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As First Solar Retrenches, Product Issues Receive A Fresh Spotlight - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on April 23, 2012. 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