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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. Announces First Quarter 2016 Financial Results

  • Net sales of $848 million
  • Earnings per share of $1.66
  • Cash and marketable securities of $1.9 billion, net cash of $1.6 billion
  • 2016 EPS guidance range updated to $4.10 to $4.50

TEMPE, Ariz.-- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter of 2016. Net sales were $848 million in the quarter, a decrease of $94 million from the fourth quarter of 2015. The decrease in net sales from the prior quarter was primarily due to the timing of systems revenue recognition across multiple projects, partially offset by higher revenue from the Desert Stateline project. In addition, net sales from module plus offerings decreased versus the fourth quarter.

The increase in Desert Stateline revenue in the first quarter resulted from an amendment to the original sale agreement with Southern Company to include an additional 15% interest in the project. This amendment did not impact expected full year 2016 earnings, but did accelerate the timing of certain earnings, relative to prior expectations, from the second half of the year to the first quarter.

The Company reported first quarter earnings per share of $1.66, compared to $1.60 in the prior quarter. The increase in net income versus the fourth quarter resulted from higher Desert Stateline revenue, systems cost improvements and a one-time gain on the sale of certain restricted investments. These items were partially offset by an increase in tax expense.

Cash and marketable securities at the end of the first quarter increased to $1.9 billion. Cash flows from operations were $50 million in the first quarter.

"Our first quarter results represent a very strong start to 2016," said Jim Hughes, CEO of First Solar. "The sale of additional economic interests in our Stateline project further strengthens our relationship with a strategic business partner, and the transaction provides greater flexibility for future dropdowns to 8point3. We continue to operate our business with a disciplined approach and are focused on achieving our 2016 objectives communicated at our recent Analyst Day."

The Company raised the low end of its 2016 earnings per share guidance to $4.10 and updated other forecasted financial items as follows:

2016 Guidance

 

 

Prior

 

 

Current

Net Sales

 

 

$3.8B to $4.0B

 

 

Unchanged

Gross Margin %

 

 

17% to 18%

 

 

18% to 19%

Operating Expenses

 

 

$380M to $400M

 

 

Unchanged

Operating Income

 

 

$260M to $330M

 

 

$300M to $370M

Effective Tax Rate

 

 

16% to 18%

 

 

Unchanged

Earnings per Share1

 

 

$4.00 to $4.50

 

 

$4.10 to $4.50

Net Cash Balance2

 

 

$1.9B to $2.2B

 

 

Unchanged

Operating Cash Flow3

 

 

$400M to $600M

 

 

$500M to $700M

Capital Expenditures

 

 

$300M to $400M

 

 

Unchanged

Shipments

 

 

2.9GW to 3.0GW

 

 

Unchanged

1 - Includes a gain of approximately $145 million, net of tax, from the expected sale of an equity method investment and our share of 8point3 earnings. Also includes a gain in Other Income of approximately $20 million, net of tax, from the sale of restricted investments in Q1 2016.
2 - Defined as cash and marketable securities less expected debt at the end of 2016
3 - Does not include approximately $320 million from the expected sale of an equity method investment treated as an investing cash flow

First Solar has scheduled a conference call for today, April 27, 2016 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 Wednesday, May 4, 2016 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 8282574. 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: effects on our financial statements and guidance resulting from pending tax matters; 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 (including estimated future module collection and recycling 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; our ability to expand manufacturing capacity worldwide; 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," "seek," "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)

March 31,
2016

December 31,
2015

ASSETS

Current assets:

Cash and cash equivalents

$

1,086,280

$

1,126,826

Marketable securities

794,220

703,454

Accounts receivable trade, net

349,467

500,629

Accounts receivable, unbilled and retainage

86,875

59,171

Inventories

443,777

380,424

Balance of systems parts

155,233

136,889

Deferred project costs

131,249

187,940

Notes receivable, affiliate

389

1,276

Prepaid expenses and other current assets

226,667

 

248,977

Total current assets

3,274,157

3,345,586

Property, plant and equipment, net

1,278,386

1,284,136

PV solar power systems, net

102,249

93,741

Project assets and deferred project costs

1,375,468

1,111,137

Deferred tax assets, net

359,959

357,693

Restricted cash and investments

401,703

333,878

Investments in unconsolidated affiliates and joint ventures

392,169

399,805

Goodwill

84,985

84,985

Other intangibles, net

107,020

110,002

Inventories

106,085

107,759

Notes receivable, affiliates

17,851

17,887

Other assets

77,757

 

69,722

Total assets

$

7,577,789

 

$

7,316,331

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

274,991

$

337,668

Income taxes payable

7,414

1,330

Accrued expenses

351,865

409,452

Current portion of long-term debt

94,080

38,090

Billings in excess of costs and estimated earnings

148,328

87,942

Payments and billings for deferred project costs

104,076

28,580

Other current liabilities

83,375

 

57,738

Total current liabilities

1,064,129

960,800

Accrued solar module collection and recycling liability

167,650

163,407

Long-term debt

205,262

251,325

Other liabilities

401,803

 

392,312

Total liabilities

1,838,844

 

1,767,844

Commitments and contingencies

Stockholders' equity:

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 102,219,007 and 101,766,797 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively

102

102

Additional paid-in capital

2,751,074

2,742,795

Accumulated earnings

2,960,675

2,790,110

Accumulated other comprehensive income

27,094

 

15,480

Total stockholders' equity

5,738,945

 

5,548,487

Total liabilities and stockholders' equity

$

7,577,789

 

$

7,316,331

 

 

 

 

 

 

 

 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended March 31,

 

2016

 

 

 

 

 

 

2015

Net sales

$

848,484

$

469,209

Cost of sales

585,539

 

430,228

 

Gross profit

262,945

38,981

Operating expenses:

Research and development

30,187

34,756

Selling, general and administrative

67,503

67,688

Production start-up

 

6,650

 

Total operating expenses

97,690

 

109,094

 

Operating income (loss)

165,255

(70,113

)

Foreign currency loss, net

(3,240

)

(221

)

Interest income

6,406

5,064

Interest expense, net

(4,642

)

(194

)

Other income (expense), net

35,553

 

(1,259

)

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

199,332

(66,723

)

Income tax (expense) benefit

(33,764

)

5,980

Equity in earnings of unconsolidated affiliates, net of tax

4,997

 

(174

)

Net income (loss)

$

170,565

 

$

(60,917

)

Net income (loss) per share:

Basic

$

1.67

 

$

(0.61

)

Diluted

$

1.66

 

$

(0.61

)

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

Basic

101,853

 

100,375

 

Diluted

102,745

 

100,375

 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160427006686r1&sid=acqr7&distro=nx&lang=en

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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