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Solar PV Corporate News Release
Panasonic Solar Promotes First Group of Authorized Installers to Premium Level
Jul 26, 2017
Benefiting from the Leading Edge Technology, TZS Announced Mono-Crystalline Wafer Price Modification
Jul 18, 2017
Canadian Solar Reports First Quarter 2017 Results
Jun 06, 2017
JinkoSolar Announces First Quarter 2017 Financial Results
Jun 05, 2017
Hanwha Q CELLS Reports
May 25, 2017
JA Solar Announces First Quarter 2017 Results
May 24, 2017
Yingli Green Energy Reports Fourth Quarter and Full Year 2016 Results
Apr 13, 2017
Hanwha Q CELLS Reports Fourth Quarter and Full Year 2016 Results
Mar 23, 2017
JA Solar Announces Fourth Quarter and Fiscal Year 2016 Results
Mar 16, 2017
Higher yield of solar wafers and enhanced solar cell efficiency with new HeraGlaze coating by Heraeus
Mar 01, 2017
Heraeus enables significant higher efficiency gains with three new metallization pastes
Mar 01, 2017
First Solar, Inc. Announces Fourth Quarter & Full Year 2016 Financial Results
Feb 22, 2017
SunPower Reports Fourth Quarter 2016 Results
Feb 16, 2017
Trina Solar Announces Third Quarter 2016 Results
Nov 23, 2016
Canadian Solar Reports Third Quarter 2016 Results
Nov 21, 2016
JASolar Announces Third Quarter 2016 Financial Results
Nov 17, 2016
JinkoSolar Announces Third Quarter 2016 Financial Results
Nov 16, 2016
SunPower Reports Third Quarter 2016 Results
Nov 10, 2016
First Solar, Inc. Announces Third Quarter 2016 Financial Results
Nov 03, 2016
Hanwha Q CELLS Reports Second Quarter 2016 Results
Aug 23, 2016
Yingli Green Energy Reports Second Quarter 2016 Results
Aug 23, 2016
Canadian Solar Reports Second Quarter 2016 Results
Aug 18, 2016
JA Solar Announces Second Quarter 2016 Results
Aug 17, 2016
SunPower Reports Second Quarter 2016 Results
Aug 10, 2016
First Solar, Inc. Announces Second Quarter 2016 Financial Results
Aug 04, 2016
First Solar, Inc. Announces First Quarter 2016 Financial Results
Apr 27, 2016
JinkoSolar Announces Fourth Quarter and Full Year 2015 Financial Results
Mar 01, 2016
First Solar, Inc. Announces Fourth Quarter & Full Year 2015 Financial Results
Feb 24, 2016
SunPower Corp. announced financial results for its fourth quarter and fiscal year ended Jan. 3, 2016
Feb 18, 2016
Trina Solar Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company
Dec 14, 2015
Hanwha Q CELLS Reports Third Quarter 2015 Results
Nov 19, 2015
JinkoSolar Announces Third Quarter 2015 Financial Results
Nov 19, 2015
JA Solar Announces Third Quarter 2015 Results
Nov 17, 2015
SunPower Announces Fiscal Year 2016 Guidance
Nov 12, 2015
SunEdison Reports Third Quarter 2015 Results
Nov 10, 2015
Canadian Solar Reports Third Quarter 2015 Results
Nov 10, 2015
Yingli Green Energy Reports Second Quarter 2015 Results
Sep 08, 2015
Hanwha Q CELLS Reports Second Quarter 2015 Results
Aug 27, 2015
TSMC to Cease Solar Manufacturing Operations
Aug 25, 2015
JinkoSolar Announces Better-Than-Expected Second Quarter 2015 Financial Results
Aug 20, 2015
Trina Solar Announces $43.1 million of Net Profits for Second Quarter 2015 Results
Aug 18, 2015
First Solar, Inc. Announces Second Quarter 2015 Financial Results with $896 million of Net sales.
Aug 05, 2015
Sunpower announced financial results of 377 million net profits for its second fiscal quarter ended June 28, 2015.
Jul 29, 2015
8point3 Energy Partners LP, a YieldCo Formed by First Solar, Inc. and SunPower Corporation, Announces Pricing of its Ini
Jun 19, 2015
JA Solar and Essel Infraprojects Limited Sign MOU on 500MW PV Joint Venture
May 25, 2015
First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million
May 01, 2015
Israeli Parliament Solar Project Adopts JA Solar Modules
Apr 07, 2015
JA Solar Supplies Modules Again to First Large-Scale Solar Farm in Central America
Mar 16, 2015
Hyundai offers compact 250W high-performance modules for UK rooftop market
Mar 12, 2015
JA Solar Launching 1500V PV Module
Mar 09, 2015
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Mar 05, 2015
Canadian Solar Reports Fourth Quarter and Full Year 2014 Results
Mar 05, 2015
JA Solar Makes Breakthrough in South Pacific Market in 2014
Feb 05, 2015
First Solar Achieves Efficiency, Durability Milestones
Feb 05, 2015
JA Solar Reaches 100MWp of PV Module Shipments to Solarcentury for UK Projects in 2014
Jan 05, 2015
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Jan 05, 2015
Hanwha Solarone Files Shareholder Circular for Acquisition of Hanwha Q CELLS
Dec 29, 2014
Motech and Topcell Announced the Signing of Merger Agreement
Dec 26, 2014
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Dec 08, 2014
Yingli Green Energy Reports Third Quarter 2014 Results
Nov 25, 2014
Trina Solar Announces Third Quarter 2014 Results
Nov 24, 2014
Hanwha SolarOne Reports Third Quarter 2014 Results
Nov 21, 2014
JA Solar Announces Third Quarter 2014 Results
Nov 19, 2014
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Nov 17, 2014
JA Solar Sets Power Output Record of over 280W for Multi-Si 60-cells Solar Modules
Nov 17, 2014
SunPower Announces Fiscal Year 2015 Guidance
Nov 13, 2014
WINAICO launches patented micro-crack preventing HeatCap technology at PV Taiwan
Oct 22, 2014
Trina Solar Announces Fourth Quarter and Full Year 2014 Results
Jan 01, 1970
First Solar, Inc

First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million

 

  • Net sales of $469 million
  • GAAP loss per fully diluted share of ($0.62)
  • Cash and marketable securities of $1.5 billion, net cash of $1.2 billion
  • 593MWdc of new bookings. Year to date bookings of 905MWdc
  • 16.3% lead line efficiency at end of April. 15.6% average lead line efficiency for Q1

TEMPE, Ariz. - First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter of 2015. Net sales were $469 million in the quarter, a decrease of $539 million from the fourth quarter of 2014. The sequential decrease in net sales resulted from retaining projects which would otherwise have generated revenue in anticipation of the Company announced plans to pursue a YieldCo. In addition, delays on multiple projects in the current quarter, a higher mix of module only sales and the sale of the SolarGen 2 project in the prior quarter contributed to the lower revenue.

The Company reported a first quarter GAAP loss per fully diluted share of ($0.62), compared to earnings of $1.89 in the prior quarter. The decrease in net income compared to the prior quarter was due to lower revenue, the mix of systems projects under construction and a higher proportion of module only and module plus sales.

Cash and marketable securities at the end of the first quarter were approximately $1.5 billion, a decrease of approximately $507 million compared to the prior quarter. Cash flows used in operations were $418 million in the first quarter. The decrease in cash and marketable securities during the quarter was due also to the increase in project construction on balance sheet in preparation for a YieldCo launch.

''As anticipated, the first quarter was a transitional period as we executed on our plans to form 8point3 Energy Partners,'' said Jim Hughes, CEO of First Solar. ''We continue to enhance the overall strength of our business with our lead line now running at 16.3% efficiency and our announced strategic alliance with Caterpillar.''

The Company also provided guidance for the second quarter of 2015 as follows:

  • Net Sales of $750 to $850 million
  • Earnings of $0.45 to $0.55 per fully diluted share, including a non-recurring tax benefit of approximately $0.40
  • Cash flow used in operating activities of ($250) to ($350) million

First Solar has scheduled a conference call for today, April 30, 2015 at 5:00 p.m. ET to discuss this announcement. A live webcast of this conference call is available at http://investor.firstsolar.com/events.cfm.

An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Wednesday, May 6, 2015 at 7:30 p.m. ET and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 3108257. A replay of the webcast will be available on the Investors section of the Company's website approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.

About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The Company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs, warranties, solar module efficiency and balance of systems cost reduction roadmaps, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct PV solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as ''estimate, '' ''expect, '' ''anticipate, '' ''project, '' ''plan, '' ''intend, '' ''believe, '' ''forecast, '' ''foresee, '' ''likely, '' ''may, '' ''should, '' ''goal,'' ''target,'' ''might,'' ''will, '' ''could, '' ''predict, '' ''continue'' and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in Item 1A: ''Risk Factors,'' of our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.

*Earnings per share guidance excludes impact related to potential 8point3 Energy Partners IPO transaction occurring in Q2

 

 

 

 

 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

March 31, 2015

 

December 31,
2014

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

779,908

 

 

$

1,482,054

Marketable securities

 

704,674

 

 

509,032

Accounts receivable trade, net

 

254,217

 

 

135,434

Accounts receivable, unbilled and retainage

 

81,587

 

 

76,971

Inventories

 

496,599

 

 

505,088

Balance of systems parts

 

119,959

 

 

125,083

Deferred project costs

 

311,118

 

 

29,354

Deferred tax assets, net

 

73,419

 

 

91,565

Assets held for sale

 

20,728

 

 

20,728

Notes receivable, affiliate

 

44,210

 

 

12,487

Prepaid expenses and other current assets

 

263,284

 

 

202,670

Total current assets

 

3,149,703

 

 

3,190,466

Property, plant and equipment, net

 

1,368,443

 

 

1,402,304

PV solar power systems, net

 

45,723

 

 

46,393

Project assets and deferred project costs

 

833,154

 

 

810,348

Deferred tax assets, net

 

210,536

 

 

222,326

Restricted cash and investments

 

421,875

 

 

407,053

Investments in unconsolidated affiliates and joint ventures

 

257,321

 

 

255,029

Goodwill

 

84,985

 

 

84,985

Other intangibles, net

 

118,364

 

 

119,236

Inventories

 

115,578

 

 

115,617

Note receivable, affiliate

 

9,127

 

 

9,127

Other assets

 

59,865

 

 

61,555

Total assets

 

$

6,674,674

 

 

$

6,724,439

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

202,755

 

 

$

214,656

Income taxes payable

 

2,882

 

 

1,727

Accrued expenses

 

436,913

 

 

388,156

Current portion of long-term debt

 

42,123

 

 

51,918

Billings in excess of costs and estimated earnings

 

171,331

 

 

195,346

Payments and billings for deferred project costs

 

71,639

 

 

60,591

Other current liabilities

 

57,263

 

 

88,702

Total current liabilities

 

984,906

 

 

1,001,096

Accrued solar module collection and recycling liability

 

236,155

 

 

246,307

Long-term debt

 

200,386

 

 

165,003

Other liabilities

 

266,121

 

 

284,546

Total liabilities

 

1,687,568

 

 

1,696,952

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 100,791,414 and 100,288,942 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively

 

101

 

 

100

Additional paid-in capital

 

2,698,134

 

 

2,697,558

Accumulated earnings

 

2,217,397

 

 

2,279,689

Accumulated other comprehensive income

 

71,474

 

 

50,140

Total stockholders' equity

 

4,987,106

 

 

5,027,487

Total liabilities and stockholders' equity

 

$

6,674,674

 

 

$

6,724,439

 

 

 

 

 

 

 

 

 

 

 

 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2015

 

2014

Net sales

 

$

469,209

 

 

$

950,158

 

Cost of sales

 

430,228

 

 

713,447

 

Gross profit

 

38,981

 

 

236,711

 

Operating expenses:

 

 

 

 

Research and development

 

34,756

 

 

38,773

 

Selling, general and administrative

 

67,688

 

 

58,664

 

Production start-up

 

6,650

 

 

 

Total operating expenses

 

109,094

 

 

97,437

 

Operating (loss) income

 

(70,113

)

 

139,274

 

Foreign currency loss, net

 

(1,596

)

 

(579

)

Interest income

 

5,064

 

 

4,321

 

Interest expense, net

 

(194

)

 

(410

)

Other expense, net

 

(1,259

)

 

(1,774

)

(Loss) income before taxes and equity in earnings of unconsolidated affiliates

 

(68,098

)

 

140,832

 

Income tax benefit (expense)

 

5,980

 

 

(28,853

)

Equity in earnings of unconsolidated affiliates, net of tax

 

(174

)

 

28

 

Net (loss) income

 

$

(62,292

)

 

$

112,007

 

Net (loss) income per share:

 

 

 

 

Basic

 

$

(0.62

)

 

$

1.12

 

Diluted

 

$

(0.62

)

 

$

1.10

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

Basic

 

100,375

 

 

99,591

 

Diluted

 

100,375

 

 

101,822

 

 

 

 

 

 

 

 

First Solar Investors
David Brady
+1 602-414-9315
dbrady@firstsolar.com
or
Steve Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com
or
First Solar Media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com

Source: First Solar, Inc

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