First Solar Names Mark Widmar CEO; Updates 2016 EPS Guidance

(RTTNews) - First Solar, Inc. (FSLR) announced that current Chief Financial Officer Mark Widmar has been appointed CEO, effective July 1, 2016. He will also join the First Solar Board. Widmar will succeed James Hughes, who plans to step down as CEO, effective June 30, 2016. Hughes will continue to support the company in an advisory role and remain on the Board.

The company also announced that Alexander Bradley, First Solar's Vice President, Treasury and Project Finance, has been appointed interim CFO, effective July 1, 2016.

First Solar announced the company now expects its 2016 earnings per share in a range of $4.10 to $4.50, compared to prior outlook range of $4.00 to $4.50. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.30. Analysts' estimates typically exclude special items.

First-quarter net sales were $848 million compared to $469.2 million, a year ago. Analysts expected revenue of $966.63 million for the quarter.

First-quarter profit per share was $1.66 compared to a loss of $0.61, prior year.