A solar energy company with ties to the Obama administration was forced to cut its sales forecasts after posting a fourth-quarter loss, the Wall Street Journal reports.
First Solar Inc.—employees of which have donated heavily to the president and board members of which have served on the board of the left-wing Center for American Progress—"cut its sales forecast for 2012 by $200 million to between $3.5 billion and $3.8 billion," the paper reported.
The Journal adds:
First Solar executives said Tuesday that the company would scale back production at its factories more sharply than previously anticipated to match supply with weaker-than-expected global demand for solar power. …
The company released its results after the close of 4 p.m. trading. Its shares were down 8% at $33.50 after hours on the weaker-than-expected results and weaker sales outlook.