First Solar slides on dour annual forecast

Solar panel maker First Solar's FSLR.O shares down ~12% to $120.83 premarket

Company lowered its annual sales and profit forecasts on near-term tariff-related challenges and tepid residential solar demand in U.S.

FSLR expects current-year net sales between $4.5 billion and $5.5 billion vs prior expectation range of $5.3 billion to $5.8 billion

Forecasts 2025 earnings between $12.50/shr and $17.50/shr vs prior forecast range of $17/shr to $20/shr

"Despite near-term tariff challenges, we believe the long-term outlook for solar demand, particularly in our core U.S. market, remains strong" - CEO Mark Widmar

Brokerage Roth sees potential for stock to recover intraday as "the new guide appears to price in worst case scenarios"

As of last close, company's shares down 26.4% YTD