Ill solar wind

7 Aug 2013 By Christopher Swann

The conglomerate swapped solar technology for $82 mln of shares in the panel maker, just as First Solar’s earnings sent a months-long stock price surge into reverse. GE can’t sell for three years, so it may have to look on as its once high-flying partner loses out to rivals.

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First Solar on Aug. 6 reported quarterly earnings and revenue short of expectations and cut its outlook for the year due to construction delays for a large project.
The company said net income fell 70 percent to $33.6 million, or 37 cents per share, in the second quarter, from $111 million, or $1.27 per share, a year earlier.
First Solar also said it had acquired General Electric’s cadmium telluride solar technology and entered into a partnership with the conglomerate. It issued 1.75 million shares - worth about $82 million at the closing price of the stock on Aug. 6 - to GE as part of the deal, making GE one of its 10 biggest shareholders.

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