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Solar PV Corporate News Release
First Solar, Inc. Announces Third Quarter 2018 Financial Results
Oct 26, 2018
Hanwha Q CELLS Reports Second Quarter 2018 Results
Aug 13, 2018
JinkoSolar Announces Second Quarter 2018 Financial Results
Aug 13, 2018
SunPower Reports Second Quarter 2018 Results
Jul 31, 2018
First Solar, Inc. Announces Second Quarter 2018 Financial Results
Jul 27, 2018
JinkoSolar Announces First Quarter 2018 Financial Results
Jun 26, 2018
Canadian Solar Reports First Quarter 2018 Results
May 16, 2018
With 4GW advance PERC capacity, Aiko Solar is now the best and largest PERC cell supplier over the world
May 14, 2018
Hanwha Q CELLS Reports First Quarter 2018 Results
May 14, 2018
JA Solar Announces Fourth Quarter and Fiscal Year 2017 Results
Apr 30, 2018
First Solar, Inc. Announces First Quarter 2018 Financial Results
Apr 27, 2018
Hanwha Q CELLS Reports Fourth Quarter and Full Year 2017 Results
Apr 11, 2018
JinkoSolar Announces Fourth Quarter and Full Year 2017 Financial Results
Mar 22, 2018
Canadian Solar Reports Fourth Quarter and Full Year 2017 Results
Mar 19, 2018
First Solar, Inc. Announces Fourth Quarter & Full Year 2017 Financial Results
Feb 23, 2018
SunPower Reports Fourth Quarter and FY 2017 Results
Feb 15, 2018
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 Third Quarter 2017 Financial Results
Jan 01, 1970

First Solar, Inc. Announces Third Quarter 2018 Financial Results

Net sales of $676 million

Net income per share of $0.54

Cash and marketable securities of $2.7 billion, net cash of $2.3 billion

YTD net bookings of 5.2GWDC; 1.1GWDC booked since prior earnings call

Series 6 commercial shipments commenced from third factory location

Earnings guidance lowered primarily due to timing of systems project sale

TEMPE, Ariz., Oct. 25, 2018 -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter of 2018. Net sales for the third quarter were $676 million, an increase of $367 million from the prior quarter primarily due to ongoing construction activities at the California Flats project and the sale of the Willow Springs and Manildra projects.

The Company reported third quarter earnings per share of $0.54, compared to a loss per share of $(0.46) in the second quarter. Net income increased compared to the prior quarter primarily due to improved net sales, the mix of higher gross profit projects, and lower operating expenses.

Cash and marketable securities at the end of the third quarter decreased to $2.7 billion from $3.1 billion at the end of the second quarter. The decrease primarily resulted from ongoing capital investments in Series 6 manufacturing capacity, ongoing factory ramp activities and the timing of cash receipts from certain systems project sales.

"We had good execution in the third quarter as we closed the sales of certain key projects and delivered solid financial results," said Mark Widmar, CEO of First Solar. "In addition, with the start of Series 6 production at our Vietnam factory we now have three locations manufacturing our most advanced product. Demand for Series 6 continues to be resilient as demonstrated by bookings of 1.1GWDC since our prior earnings call. This brings our total contracted volume to 11.3GWDC and provides us with a strong competitive advantage as we move forward."

Guidance ranges for 2018 have been updated as a result of lower expected module sales, higher manufacturing ramp costs and the revised expectation that the Ishikawa project in Japan will now be sold in 2019.  The complete update to 2018 guidance is as follows:

2018 GAAP Guidance

Prior

Current

Net Sales

$2.5B to $2.6B

$2.3B to $2.4B

Gross Margin % (1)

20.5% to 21.5%

18.5% to 19.5%

Operating Expenses (2)

$390M to $400M

$345M to $355M

Operating Income

$120M to $160M

$90M to $110M

Earnings per Share

$1.50 to $1.90

$1.40 to $1.60

Net Cash Balance (3)

$2.2B to $2.4B

$2.0B to $2.2B

Operating Cash Flow

$100M to $200M

$(100M) to $0M

Capital Expenditures

$800M to $900M

Unchanged

Shipments

2.8GW to 2.9GW

2.6GW to 2.7GW

 

 

 

Includes approximately $100 million of ramp costs

Includes approximately $90 million of production start-up expense

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

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 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," "orecast," "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)

 

 

 

September 30,
 2018

 

December 31,
 2017

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,434,883

 

 

$

2,268,534

 

Marketable securities

 

1,295,049

 

 

720,379

 

Accounts receivable trade, net

 

141,699

 

 

211,797

 

Accounts receivable, unbilled and retainage

 

421,134

 

 

174,608

 

Inventories

 

296,038

 

 

172,370

 

Balance of systems parts

 

51,448

 

 

28,840

 

Project assets

 

28,978

 

 

77,931

 

Notes receivable, affiliate

 

21,308

 

 

20,411

 

Prepaid expenses and other current assets

 

195,552

 

 

157,902

 

Total current assets

 

3,886,089

 

 

3,832,772

 

Property, plant and equipment, net

 

1,671,129

 

 

1,154,537

 

PV solar power systems, net

 

310,493

 

 

417,108

 

Project assets

 

463,624

 

 

424,786

 

Deferred tax assets, net

 

108,636

 

 

51,417

 

Restricted cash and investments

 

341,125

 

 

424,783

 

Equity method investments

 

3,192

 

 

217,230

 

Goodwill

 

14,462

 

 

14,462

 

Intangibles assets, net

 

74,585

 

 

80,227

 

Inventories

 

124,266

 

 

113,277

 

Note receivable, affiliate

 

--

 

 

48,370

 

Other assets

 

96,954

 

 

85,532

 

Total assets

 

$

7,094,555

 

 

$

6,864,501

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

154,602

 

 

$

120,220

 

Income taxes payable

 

49,941

 

 

19,581

 

Accrued expenses

 

433,117

 

 

366,827

 

Current portion of long-term debt

 

2,618

 

 

13,075

 

Deferred revenue

 

215,900

 

 

81,816

 

Other current liabilities

 

12,006

 

 

48,757

 

Total current liabilities

 

868,184

 

 

650,276

 

Accrued solar module collection and recycling liability

 

133,965

 

 

166,609

 

Long-term debt

 

463,485

 

 

380,465

 

Other liabilities

 

457,964

 

 

568,454

 

Total liabilities

 

1,923,598

 

 

1,765,804

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 104,814,322 and 104,468,460 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively

 

105

 

 

104

 

Additional paid-in capital

 

2,816,585

 

 

2,799,107

 

Accumulated earnings

 

2,389,438

 

 

2,297,227

 

Accumulated other comprehensive (loss) income

 

(35,171

)

 

2,259

 

Total stockholders' equity

 

5,170,957

 

 

5,098,697

 

Total liabilities and stockholders' equity

 

$

7,094,555

 

 

$

6,864,501

 

 

 

 

 

 

 

 

 

 

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

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,
 2018

 

June 30,
 2018

 

September 30,
 2017

 

September 30,
 2018

 

September 30,
 2017

Net sales

 

$

676,220

 

 

$

309,318

 

 

$

1,087,026

 

 

$

1,552,803

 

 

$

2,602,143

 

Cost of sales

 

547,093

 

 

317,376

 

 

795,226

 

 

1,258,936

 

 

2,115,266

 

Gross profit (loss)

 

129,127

 

 

(8,058

)

 

291,800

 

 

293,867

 

 

486,877

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

33,539

 

 

50,854

 

 

50,546

 

 

125,519

 

 

147,702

 

Research and development

 

22,390

 

 

20,370

 

 

20,850

 

 

63,084

 

 

64,990

 

Production start-up

 

14,723

 

 

24,352

 

 

12,624

 

 

76,159

 

 

22,155

 

Restructuring and asset impairments

 

--

 

 

--

 

 

791

 

 

--

 

 

39,108

 

Total operating expenses

 

70,652

 

 

95,576

 

 

84,811

 

 

264,762

 

 

273,955

 

Operating income (loss)

 

58,475

 

 

(103,634

)

 

206,989

 

 

29,105

 

 

212,922

 

Foreign currency (loss) gain, net

 

(2,383

)

 

2,422

 

 

(3,968

)

 

(2,478

)

 

(6,166

)

Interest income

 

16,456

 

 

16,865

 

 

8,392

 

 

45,145

 

 

22,364

 

Interest expense, net

 

(3,198

)

 

(6,065

)

 

(4,149

)

 

(14,445

)

 

(19,692

)

Other (loss) income, net

 

(5,971

)

 

(4,328

)

 

2,018

 

 

7,635

 

 

25,180

 

Income (loss) before taxes and equity in earnings

 

63,379

 

 

(94,740

)

 

209,282

 

 

64,962

 

 

234,608

 

Income tax (expense) benefit

 

(2,396

)

 

6,164

 

 

(7,580

)

 

(7,857

)

 

26,769

 

Equity in earnings, net of tax

 

(3,233

)

 

40,085

 

 

4,045

 

 

35,105

 

 

5,462

 

Net income (loss)

 

$

57,750

 

 

$

(48,491

)

 

$

205,747

 

 

$

92,210

 

 

$

266,839

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.55

 

 

$

(0.46

)

 

$

1.97

 

 

$

0.88

 

 

$

2.56

 

Diluted

 

$

0.54

 

 

$

(0.46

)

 

$

1.95

 

 

$

0.87

 

 

$

2.54

 

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

 

 

 

 

 

 

 

 

 

 

Basic

 

104,804

 

 

104,776

 

 

104,432

 

 

104,711

 

 

104,287

 

Diluted

 

106,163

 

 

104,776

 

 

105,660

 

 

106,211

 

 

104,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: First Solar, Inc.

 

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