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Solar PV Corporate News Release
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Trina Solar Announces Third Quarter 2016 Results
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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
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SunPower Reports Third Quarter 2016 Results
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First Solar, Inc. Announces Third Quarter 2016 Financial Results
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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
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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
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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 Third Quarter 2017 Financial Results
Jan 01, 1970

First Solar, Inc. Announces First Quarter 2018 Financial Results

April 26, 2018 at 4:07 PM EDT

 

Net sales of $567 million 

GAAP EPS of $0.78

Cash and marketable securities of $2.9 billion, net cash of $2.4 billion

YTD net bookings of 3.3GWDC; 2.0GWDC booked since prior earnings call

Series 6 module production commenced in early April

TEMPE, Ariz., April 26, 2018 - First Solar, Inc. (Nasdaq:FSLR) today announced financial results for the first quarter 2018. Net sales for the first quarter were $567 million, an increase of $228 million from the prior quarter due to the sale of international projects in India and Japan and the sale of the Rosamond project in the U.S., partially offset by lower third-party module sales.

The Company reported first quarter GAAP earnings per share ("EPS") of $0.78, compared to a GAAP loss per share of $(4.14) in the fourth quarter of 2017. The previous quarter non-GAAP loss per share, adjusted for restructuring and asset impairment charges and the impact of U.S. tax reform, was $(0.25). Net income increased compared to the prior quarter primarily as a result of lower tax expense, improved net sales, the mix of higher gross profit projects and higher other income.

Cash and marketable securities at the end of the first quarter decreased slightly to $2.9 billion from $3.0 billion at the end of the fourth quarter. The decrease primarily resulted from capital expenditures to support the Series 6 manufacturing ramp, partially offset by a reimbursement of overfunded amounts from our module collection and recycling trust.

"Our first quarter earnings and continued bookings momentum provide a positive start to the year," said Mark Widmar, CEO of First Solar. "Our earnings for the quarter were supported by the sale of both domestic and international projects, combined with efficient management of core operating expenses. Customer demand for our Series 6 product continues to be strong as evidenced by our year-to-date net bookings of 3.3GWDC. We also achieved significant technology milestones this month with the start of Series 6 production in Ohio and the first commercial module shipments to systems projects. We remain focused on leveraging the advantages of our differentiated technology and applying our disciplined operating approach to achieve our near-term and long-term priorities."

The Company lowered its 2018 net cash guidance by $100 million primarily as a result of higher capital expenditures for additional Series 6 capacity.

 

 

 

2018 GAAP Guidance

Prior

Current

Net Sales

$2.45B to $2.65B

Unchanged

Gross Margin %1

21.5% to 22.5%

Unchanged

Operating Expenses2

$400M to $410M

Unchanged

Operating Income

$130M to $180M

Unchanged

Earnings per Share

$1.50 to $1.90

Unchanged

Net Cash Balance3

$2.1B to $2.3B

$2.0B to $2.2B

Operating Cash Flow

$100M to $200M

$0 to $100M

Capital Expenditures

$700M to $800M

$850M to $950M

Shipments

2.9GW to 3.0GW

Unchanged

Includes approximately $60 million of ramp penalty costs

Includes approximately $120 million of production start-up expense

Defined as cash and marketable securities less expected debt at the end of 2018

For a reconciliation of the non-GAAP measure presented above to the corresponding measure presented in accordance with generally accepted accounting principles in the United States ("GAAP"), see the tables below.

First Solar has scheduled a conference call for today, April 26, 2018 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call is available at investor.firstsolar.com. 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 May 3, 2018 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 1693973. 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 will 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. All statements in this release, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: our financial guidance for 2018; the impact of U.S. tax reform; the transition to Series 6 module manufacturing in 2018; and our business and financial objectives for 2018. 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 and therefore speak only as of the date of this release. 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, whether as a result of new information, future developments or otherwise. 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: structural imbalances in global supply and demand for PV solar modules; the market for renewable energy, including solar energy; our competitive position and other key competitive factors; reduction, elimination, or expiration of government subsidies, policies, and support programs for solar energy projects; our ability to execute on our long-term strategic plans; our ability to execute on our solar module technology and cost reduction roadmaps; interest rate fluctuations and both our and our customers' ability to secure financing; our ability to attract new customers and to develop and maintain existing customer and supplier relationships; our ability to successfully develop and complete our systems business projects; our ability to convert existing production facilities to support new product lines, such as Series 6 module manufacturing; general economic and business conditions, including those influenced by U.S., international, and geopolitical events; environmental responsibility, including with respect to cadmium telluride ("CdTe") and other semiconductor materials; claims under our limited warranty obligations; changes in, or the failure to comply with, government regulations and environmental, health, and safety requirements; effects resulting from pending litigation; future collection and recycling costs for solar modules covered by our module collection and recycling program; our ability to protect our intellectual property; our ability to prevent and/or minimize the impact of cyber-attacks or other breaches of our information systems; our continued investment in research and development; the supply and price of components and raw materials, including CdTe; our ability to attract and retain key executive officers and associates; and the matters discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Conditions and Results of Operations" of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.

Contacts

First Solar Investors
Steve Haymore
602-414-9315
stephen.haymore@firstsolar.com

First Solar Media
Steve Krum
602-427-3359
steve.krum@firstsolar.com

 

FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)



 

 

March 31,
 2018

 

December 31,
 2017

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,858,338

 

 

$

2,268,534

 

Marketable securities

 

1,020,136

 

 

720,379

 

Accounts receivable trade, net

 

273,277

 

 

211,797

 

Accounts receivable, unbilled and retainage

 

151,393

 

 

174,608

 

Inventories

 

174,070

 

 

172,370

 

Balance of systems parts

 

65,374

 

 

28,840

 

Project assets

 

10,094

 

 

77,931

 

Notes receivable, affiliate

 

20,411

 

 

20,411

 

Prepaid expenses and other current assets

 

197,206

 

 

157,902

 

Total current assets

 

3,770,299

 

 

3,832,772

 

Property, plant and equipment, net

 

1,311,642

 

 

1,154,537

 

PV solar power systems, net

 

355,143

 

 

417,108

 

Project assets

 

430,678

 

 

424,786

 

Deferred tax assets, net

 

64,427

 

 

51,417

 

Restricted cash and investments

 

354,082

 

 

424,783

 

Equity method investments

 

200,955

 

 

217,230

 

Goodwill

 

14,462

 

 

14,462

 

Intangibles assets, net

 

79,607

 

 

80,227

 

Inventories

 

116,397

 

 

113,277

 

Note receivable, affiliate

 

47,798

 

 

48,370

 

Other assets

 

94,699

 

 

85,532

 

Total assets

 

$

6,840,189

 

 

$

6,864,501

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

136,897

 

 

$

120,220

 

Income taxes payable

 

10,164

 

 

19,581

 

Accrued expenses

 

297,446

 

 

366,827

 

Current portion of long-term debt

 

6,062

 

 

13,075

 

Deferred revenue

 

67,336

 

 

81,816

 

Other current liabilities

 

35,833

 

 

48,757

 

Total current liabilities

 

553,738

 

 

650,276

 

Accrued solar module collection and recycling liability

 

170,352

 

 

166,609

 

Long-term debt

 

431,817

 

 

380,465

 

Other liabilities

 

524,911

 

 

568,454

 

Total liabilities

 

1,680,818

 

 

1,765,804

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 104,762,691
and 104,468,460 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively

 

105

 

 

104

 

Additional paid-in capital

 

2,797,671

 

 

2,799,107

 

Accumulated earnings

 

2,380,178

 

 

2,297,227

 

Accumulated other comprehensive (loss) income

 

(18,583)

 

 

2,259

 

Total stockholders' equity

 

5,159,371

 

 

5,098,697

 

Total liabilities and stockholders' equity

 

$

6,840,189

 

 

$

6,864,501

 

 

 

 

 

 

 

 

 

 

FIRST SOLAR, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

 

 

Three Months Ended

 

 

March 31,
 2018

 

December 31,
 2017

 

March 31,
 2017

Net sales

 

$

567,265

 

 

$

339,181

 

 

$

891,791

 

Cost of sales

 

394,467

 

 

277,111

 

 

807,607

 

Gross profit

 

172,798

 

 

62,070

 

 

84,184

 

Operating expenses:

 

 

 

 

 

 

Selling, general and administrative

 

41,126

 

 

54,997

 

 

48,199

 

Research and development

 

20,324

 

 

23,583

 

 

22,799

 

Production start-up

 

37,084

 

 

20,488

 

 

1,150

 

Restructuring and asset impairments

 

-

 

 

(1,927)

 

 

20,031

 

Total operating expenses

 

98,534

 

 

97,141

 

 

92,179

 

Operating income (loss)

 

74,264

 

 

(35,071)

 

 

(7,995)

 

Foreign currency (loss) gain, net

 

(2,517)

 

 

(3,474)

 

 

246

 

Interest income

 

11,824

 

 

13,340

 

 

6,417

 

Interest expense, net

 

(5,182)

 

 

(6,073)

 

 

(9,169)

 

Other income (expense), net

 

17,934

 

 

(1,215)

 

 

25,861

 

Income (loss) before taxes and equity in earnings

 

96,323

 

 

(32,493)

 

 

15,360

 

Income tax expense

 

(11,625)

 

 

(398,765)

 

 

(5,679)

 

Equity in earnings, net of tax

 

(1,747)

 

 

(1,196)

 

 

(552)

 

Net income (loss)

 

$

82,951

 

 

$

(432,454)

 

 

$

9,129

 

Net income (loss) per share:

 

 

 

 

 

 

Basic

 

$

0.79

 

 

$

(4.14)

 

 

$

0.09

 

Diluted

 

$

0.78

 

 

$

(4.14)

 

 

$

0.09

 

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

 

 

 

 

 

 

Basic

 

104,550

 

 

104,448

 

 

104,103

 

Diluted

 

106,305

 

 

104,448

 

 

104,410

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures

In this release, we provide non-GAAP earnings per share for the three months ended December 31, 2017. We have included this non-GAAP financial measure to adjust for (i) restructuring, asset impairment and related charges primarily associated with the transition from Series 4 to Series 6 production, (ii) the tax effect associated with these items and (iii) the tax effect associated with U.S. tax reform. We believe non-GAAP earnings per share, when taken together with corresponding GAAP financial measure, is relevant and useful information to our investors because it provides them with additional information in assessing our financial operating results. Our management uses this non-GAAP financial measure in evaluating our operating performance. However, this measure has limitations, including that it excludes the effect of certain changes to our assets and liabilities and certain amounts that we may ultimately have to pay in cash. Accordingly, this non-GAAP financial measure should be considered in addition to, and not as a substitute for, or superior to earnings per share prepared in accordance with GAAP. The following is the reconciliation of earnings per share prepared in accordance with GAAP to non-GAAP earnings per share for the period presented (in millions, except per share amounts):

 

 

 

 

 

Three Months Ended
December 31, 2017

Net loss

 

$

(432.5) 

 

 

 

Restructuring and asset impairments

 

(1.9)

Tax effect of restructuring and asset impairments*

 

0.2

Tax effect of U.S. tax reform

 

$

408.1

Non-GAAP net loss

 

$

(26.1)

 

 

 

Weighted-average number of shares used for diluted earnings per share

 

104.4

 

 

 

GAAP loss per share

 

$

(4.14)

Non-GAAP loss per share

 

$

(0.25)

 

 

 

 

Restructuring treated as a non-discrete item for tax purposes and reflected in the effective tax rate over the duration of 2017.

 

Source: First Solar, Inc.

 

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