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Solar PV Corporate News Release
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 Second Quarter 2015 Financial Results with $896 million of Net sales.

  • Net sales of $896 million
  • GAAP earnings per fully diluted share of $0.93
  • Cash and marketable securities of $1.8 billion, net cash of $1.5 billion
  • 537MWdc of new bookings. Year-to-date bookings of 1.4GWdc

TEMPE, Ariz.-- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the second quarter of 2015. Net sales were $896 million in the quarter, an increase of $427 million from the first quarter of 2015. The increase in net sales from the prior quarter resulted from increased revenue recognition on the Silver State South project and the sale of majority interests in the North Star and Lost Hills-Blackwell projects.

The Company reported second quarter GAAP earnings per fully diluted share of $0.93, compared to a loss of ($0.62) in the prior quarter. The sequential increase in net income was due to higher systems project revenue, project cost improvements and a discrete tax benefit in the second quarter of approximately $42 million.

Cash and marketable securities at the end of the second quarter were approximately $1.8 billion, an increase of approximately $291 million compared to the prior quarter. The increase in cash and marketable securities during the quarter was due to receipts from the sale of majority interests in the North Star and Lost Hills-Blackwell projects as well as proceeds received in conjunction with the 8point3 Energy Partners IPO.

"We achieved significant financial and technological milestones this past quarter with the IPO of 8point3 Energy Partners and a new record module conversion efficiency of 18.6%," said Jim Hughes, CEO of First Solar. "In combination with year-to-date bookings of 1.4GW and full year earnings guidance of over three dollars per share, we continue to execute across all elements of our business."

The Company is providing guidance for 2015 as follows:

 

 

 

 

 

Guidance Range

Net Sales

 

 

 

$3.5B to $3.6B

Gross Margin %

 

 

 

21% to 22%

Operating Expenses

 

 

 

$415M to $425M

Operating Income

 

 

 

$330M to $370M

Effective Tax Rate1

 

 

 

2% to 5%

Earnings per Share1, 4

 

 

 

$3.30 to $3.60

Net Cash Balance2

 

 

 

$1.2B to $1.4B

Capital Expenditures

 

 

 

$175M to $200M

Working Capital3

 

 

 

$1.1B to $1.3B

Shipments

 

 

 

2.8GW to 2.9GW

 

1-

 

Includes $42 million benefit from discrete tax item in Q2 2015

2-

 

Cash & Marketable securities less debt at end of 2015

3-

 

Expected increase in working capital from December 31, 2014

4-

 

Includes $0.16 of equity in earnings, primarily related to ownership interest in 8point3

 

First Solar has scheduled a conference call for today, August 4, 2015 at 4:30 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 Monday, August 10, 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 2733708. 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, restructuring, product reliability, investments in unconsolidated affiliates 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.

 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

 

June 30,
2015

 

December 31,
2014

ASSETS

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

 

$

1,075,144

 

 

$

1,482,054

 

Marketable securities

 

 

700,017

 

 

509,032

 

Accounts receivable trade, net

 

 

276,819

 

 

135,434

 

Accounts receivable, unbilled and retainage

 

 

70,367

 

 

76,971

 

Inventories

 

 

481,975

 

 

505,088

 

Balance of systems parts

 

 

94,360

 

 

125,083

 

Deferred project costs

 

 

73,739

 

 

29,354

 

Deferred tax assets, net

 

 

77,709

 

 

91,565

 

Notes receivable, affiliate

 

 

43,345

 

 

12,487

 

Prepaid expenses and other current assets

 

 

262,731

 

 

202,151

 

Total current assets

 

 

3,156,206

 

 

3,169,219

 

Property, plant and equipment, net

 

 

1,356,231

 

 

1,419,988

 

PV solar power systems, net

 

 

43,233

 

 

46,393

 

Project assets and deferred project costs

 

 

1,060,780

 

 

810,348

 

Deferred tax assets, net

 

 

262,389

 

 

222,326

 

Restricted cash and investments

 

 

377,401

 

 

407,053

 

Investments in unconsolidated affiliates and joint ventures

 

 

153,508

 

 

255,029

 

Goodwill

 

 

84,985

 

 

84,985

 

Other intangibles, net

 

 

115,454

 

 

119,236

 

Inventories

 

 

108,558

 

 

115,617

 

Note receivable, affiliate

 

 

9,852

 

 

9,127

 

Other assets

 

 

75,208

 

 

61,670

 

Total assets

 

 

$

6,803,805

 

 

$

6,720,991

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

 

 

 

 

 

Accounts payable

 

 

$

273,280

 

 

$

214,656

 

Income taxes payable

 

 

4,771

 

 

1,727

 

Accrued expenses

 

 

367,354

 

 

388,156

 

Current portion of long-term debt

 

 

41,898

 

 

51,399

 

Billings in excess of costs and estimated earnings

 

 

168,587

 

 

195,346

 

Payments and billings for deferred project costs

 

 

 

 

60,591

 

Other current liabilities

 

 

58,217

 

 

88,702

 

Total current liabilities

 

 

914,107

 

 

1,000,577

 

Accrued solar module collection and recycling liability

 

 

240,972

 

 

246,307

 

Long-term debt

 

 

257,787

 

 

162,074

 

Other liabilities

 

 

349,469

 

 

284,546

 

Total liabilities

 

 

1,762,335

 

 

1,693,504

 

Commitments and contingencies

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 100,891,055
and 100,288,942 shares issued and outstanding at June 30, 2015 and December 31, 2014,
respectively

 

 

101

 

 

100

 

Additional paid-in capital

 

 

2,716,493

 

 

2,697,558

 

Accumulated earnings

 

 

2,311,888

 

 

2,279,689

 

Accumulated other comprehensive income

 

 

12,988

 

 

50,140

 

Total stockholders' equity

 

 

5,041,470

 

 

5,027,487

 

Total liabilities and stockholders' equity

 

 

$

6,803,805

 

 

$

6,720,991

 

 

 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2015

 

2014

 

2015

 

2014

Net sales

 

$

896,217

 

 

$

544,353

 

 

$

1,365,426

 

 

$

1,494,511

 

Cost of sales

 

731,734

 

 

451,628

 

 

1,161,962

 

 

1,165,075

 

Gross profit

 

164,483

 

 

92,725

 

 

203,464

 

 

329,436

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

29,479

 

 

32,659

 

 

64,235

 

 

71,432

 

Selling, general and administrative

 

70,901

 

 

57,667

 

 

138,589

 

 

116,331

 

Production start-up

 

6,970

 

 

491

 

 

13,620

 

 

491

 

Total operating expenses

 

107,350

 

 

90,817

 

 

216,444

 

 

188,254

 

Operating income (loss)

 

57,133

 

 

1,908

 

 

(12,980

)

 

141,182

 

Foreign currency (loss) gain, net

 

(2,352

)

 

21

 

 

(3,948

)

 

(558

)

Interest income

 

6,058

 

 

4,533

 

 

11,122

 

 

8,854

 

Interest expense, net

 

(826

)

 

(930

)

 

(1,020

)

 

(1,340

)

Other expense, net

 

(792

)

 

(1,166

)

 

(2,051

)

 

(2,940

)

Income (loss) before taxes and equity in earnings of unconsolidated affiliates

 

59,221

 

 

4,366

 

 

(8,877

)

 

145,198

 

Income tax benefit (expense)

 

33,340

 

 

2,166

 

 

39,320

 

 

(26,687

)

Equity in earnings (loss) of unconsolidated affiliates, net of tax

 

1,929

 

 

(2,004

)

 

1,755

 

 

(1,976

)

Net income

 

$

94,490

 

 

$

4,528

 

 

$

32,198

 

 

$

116,535

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.94

 

 

$

0.05

 

 

$

0.32

 

 

$

1.17

 

Diluted

 

$

0.93

 

 

$

0.04

 

 

$

0.32

 

 

$

1.14

 

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

 

 

 

 

 

 

 

 

Basic

 

100,852

 

 

100,148

 

 

100,615

 

 

99,871

 

Diluted

 

101,607

 

 

101,814

 

 

101,631

 

 

101,820

 

 

First Solar Investors
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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