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First Solar Will Struggle as Solar Industry Changes

First Solar (Nasdaq: FSLR) was once a clear leader in the solar industry but the company has seen margins and profits fall recently as more efficient competitors caught up. Utility scale project that drive the company's revenue just aren't coming along as frequently as they used to as seen by backlog falling from 2.6 GW to 2.2 GW between the first of the year and early August. But that's not all to be concerned about as solar analyst Travis Hoium covers in the video below. 

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  • Report this Comment On August 30, 2013, at 12:38 PM, TLKfool wrote:

    Travis - your fundamental assessment is correct on FSLR's 1) falling backlog and 2) inability or unwillingness to adapt its business model to changes in the solar industry.

    I'd suggest, though, that you are not critical enough of the falling backlog. Backlog reduction is more compelling on a 2 year horizon (2012-2013) and the backlog that is being consumed has very high price/margin (2010/11 vintage) compared with the backlog that is being acquired in 2013. This further bolsters your analysis and assessment.

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