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Solar PV Corporate News Release
JinkoSolar Announces Fourth Quarter and Full Year 2018 Financial Results
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Canadian Solar Reports Fourth Quarter and Full Year 2017 Results
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Jul 18, 2017
Canadian Solar Reports First Quarter 2017 Results
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Hanwha Q CELLS Reports
May 25, 2017
JA Solar Announces First Quarter 2017 Results
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Heraeus enables significant higher efficiency gains with three new metallization pastes
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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
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Canadian Solar Reports Second Quarter 2016 Results
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JA Solar Announces Second Quarter 2016 Results
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SunPower Reports Second Quarter 2016 Results
Aug 10, 2016
First Solar, Inc. Announces Second Quarter 2016 Financial Results
Aug 04, 2016
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Apr 27, 2016
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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
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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.
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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
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First Solar Achieves Efficiency, Durability Milestones
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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 Fourth Quarter & Full Year 2018 Financial Results

FEBRUARY 21, 2019

Net sales of $2.2 billion for 2018 and $691 million for the fourth quarter

Net income per share of $1.36 for 2018 and $0.49 for the fourth quarter

Cash and marketable securities of $2.5 billion, net cash of $2.1 billion

5.6GWDC of 2018 net bookings; 1.3GWDC of 2019 YTD net bookings

Series 6 production commenced at fourth factory location

Maintain 2019 EPS guidance of $2.25 to $2.75

TEMPE, Ariz., Feb. 21, 2019 -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the fourth quarter and year ended December 31, 2018. Net sales for the fourth quarter were $691 million, an increase of $15 million from the prior quarter, primarily due to the sale of certain projects in Japan.

The Company reported fourth quarter earnings per share ("EPS") of $0.49, compared to $0.54 in the third quarter.

Cash and marketable securities at the end of the fourth quarter decreased to $2.5 billion from $2.7 billion at the end of the prior quarter. The decrease primarily resulted from capital investments in Series 6 manufacturing capacity, factory ramp activities, and the timing of cash receipts from certain systems project sales.

"We had a number of notable accomplishments in 2018, including strong net bookings of 5.6GWDC and the start of Series 6 production at three factories," said Mark Widmar, CEO of First Solar. "Our Series 6 progress in 2019 continues to be encouraging with the start of production at a fourth factory and ongoing improvements in throughput and efficiency at our existing facilities. We continue to see good demand for Series 6, and our pipeline of contracted shipments positions us well for the year."

2019 guidance was updated to reflect lower expected operating expenses, primarily associated with a decrease in expected production start-up. In addition, gross margin guidance was lowered by 50 basis points due to expected increases in ramp costs. These adjustments offset, and the associated EPS and net cash balance guidance ranges are unchanged. The complete 2019 guidance is as follows:

2019 Guidance

Prior

Current

Net Sales

$3.25B to $3.45B

Unchanged

Gross Margin % (1)

20% to 21%

19.5% to 20.5%

Operating Expenses (2)

$390M to $410M

$375M to $395M

Operating Income

$260M to $310M

Unchanged

Earnings per Share

$2.25 to $2.75

Unchanged

Net Cash Balance (3)

$1.6B to $1.8B

Unchanged

Capital Expenditures

$650M to $750M

Unchanged

Shipments

5.4GW to 5.6GW

Unchanged

__________________

(1) Includes $35 to $45 million of ramp costs ($20 to $30 million previously)

(2) Includes $75 to $85 million of production start-up expense ($90 to $100 million previously)

(3) Defined as cash and marketable securities less expected debt at the end of 2019

First Solar has scheduled a conference call for today, February 21, 2019 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com.

The guidance figures presented above are subject to a variety of assumptions and estimates. Investors are encouraged to listen to the conference call and to review the accompanying materials which contain more information about First Solar's 2019 Guidance.

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 through Thursday, February 28, 2019 and can be accessed by dialing 800-585-8367 if you are calling from within the United States or 416-621-4642 if you are calling from outside the United States and entering the replay pass code 7349009. 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 2019; the transition to Series 6 module manufacturing in 2019; net sales, gross margin, operating expenses, operating income, earnings per share, net cash balance, capital expenditures, shipments, products and our business and financial objectives for 2019. 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; the impact of public policies, such as tariffs or other trade remedies imposed on solar cells and modules; our ability to execute on our long-term strategic plans; our ability to execute on our solar module technology and cost reduction roadmaps; our ability to improve the conversion efficiency of our solar modules; 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, including the class action lawsuit against us; 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.

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

 

 

December 31,

 

 

2018

 

2017

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,403,562

 

 

$

2,268,534

 

Marketable securities

 

1,143,704

 

 

720,379

 

Accounts receivable trade, net

 

128,282

 

 

211,797

 

Accounts receivable, unbilled and retainage

 

458,166

 

 

174,608

 

Inventories

 

387,912

 

 

172,370

 

Balance of systems parts

 

56,906

 

 

28,840

 

Project assets

 

37,930

 

 

77,931

 

Notes receivable, affiliate

 

 

 

20,411

 

Prepaid expenses and other current assets

 

243,061

 

 

157,902

 

Total current assets

 

3,859,523

 

 

3,832,772

 

Property, plant and equipment, net

 

1,756,211

 

 

1,154,537

 

PV solar power systems, net

 

308,640

 

 

417,108

 

Project assets

 

460,499

 

 

424,786

 

Deferred tax assets, net

 

77,682

 

 

51,417

 

Restricted cash and investments

 

318,390

 

 

424,783

 

Equity method investments

 

3,186

 

 

217,230

 

Goodwill

 

14,462

 

 

14,462

 

Intangible assets, net

 

74,162

 

 

80,227

 

Inventories

 

130,083

 

 

113,277

 

Notes receivable, affiliates

 

22,832

 

 

48,370

 

Other assets

 

95,692

 

 

85,532

 

Total assets

 

$

7,121,362

 

 

$

6,864,501

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

233,287

 

 

$

120,220

 

Income taxes payable

 

20,885

 

 

19,581

 

Accrued expenses

 

441,580

 

 

366,827

 

Current portion of long-term debt

 

5,570

 

 

13,075

 

Deferred revenue

 

129,755

 

 

81,816

 

Other current liabilities

 

14,380

 

 

48,757

 

Total current liabilities

 

845,457

 

 

650,276

 

Accrued solar module collection and recycling liability

 

134,442

 

 

166,609

 

Long-term debt

 

461,221

 

 

380,465

 

Other liabilities

 

467,839

 

 

568,454

 

Total liabilities

 

1,908,959

 

 

1,765,804

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 104,885,261 and 104,468,460 shares issued and outstanding at December 31, 2018 and 2017, respectively

 

105

 

 

104

 

Additional paid-in capital

 

2,825,211

 

 

2,799,107

 

Accumulated earnings

 

2,441,553

 

 

2,297,227

 

Accumulated other comprehensive (loss) income

 

(54,466

)

 

2,259

 

Total stockholders' equity

 

5,212,403

 

 

5,098,697

 

Total liabilities and stockholders' equity

 

$

7,121,362

 

 

$

6,864,501

 

 

 

 

 

 

 

 

 

 

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

 

 

Three Months Ended

 

Year Ended

 

 

December 31,
 2018

 

September 30,
 2018

 

December 31,
 2017

 

December 31,
 2018

 

December 31,
 2017

Net sales

 

$

691,241

 

 

$

676,220

 

 

$

339,181

 

 

$

2,244,044

 

 

$

2,941,324

 

Cost of sales

 

592,931

 

 

547,093

 

 

277,111

 

 

1,851,867

 

 

2,392,377

 

Gross profit

 

98,310

 

 

129,127

 

 

62,070

 

 

392,177

 

 

548,947

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

51,338

 

 

33,539

 

 

54,997

 

 

176,857

 

 

202,699

 

Research and development

 

21,388

 

 

22,390

 

 

23,583

 

 

84,472

 

 

88,573

 

Production start-up

 

14,576

 

 

14,723

 

 

20,488

 

 

90,735

 

 

42,643

 

Restructuring and asset impairments

 

 

 

 

 

(1,927

)

 

 

 

37,181

 

Total operating expenses

 

87,302

 

 

70,652

 

 

97,141

 

 

352,064

 

 

371,096

 

Operating income (loss)

 

11,008

 

 

58,475

 

 

(35,071

)

 

40,113

 

 

177,851

 

Foreign currency gain (loss), net

 

1,908

 

 

(2,383

)

 

(3,474

)

 

(570

)

 

(9,640

)

Interest income

 

14,643

 

 

16,456

 

 

13,340

 

 

59,788

 

 

35,704

 

Interest expense, net

 

(11,476

)

 

(3,198

)

 

(6,073

)

 

(25,921

)

 

(25,765

)

Other income (loss), net

 

32,102

 

 

(5,971

)

 

(1,215

)

 

39,737

 

 

23,965

 

Income (loss) before taxes and equity in earnings

 

48,185

 

 

63,379

 

 

(32,493

)

 

113,147

 

 

202,115

 

Income tax benefit (expense)

 

4,416

 

 

(2,396

)

 

(398,765

)

 

(3,441

)

 

(371,996

)

Equity in earnings, net of tax

 

(485

)

 

(3,233

)

 

(1,196

)

 

34,620

 

 

4,266

 

Net income (loss)

 

$

52,116

 

 

$

57,750

 

 

$

(432,454

)

 

$

144,326

 

 

$

(165,615

)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.50

 

 

$

0.55

 

 

$

(4.14

)

 

$

1.38

 

 

$

(1.59

)

Diluted

 

$

0.49

 

 

$

0.54

 

 

$

(4.14

)

 

$

1.36

 

 

$

(1.59

)

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

 

 

 

 

 

 

 

 

 

 

Basic

 

104,845

 

 

104,804

 

 

104,448

 

 

104,745

 

 

104,328

 

Diluted

 

105,819

 

 

106,163

 

 

104,448

 

 

106,113

 

 

104,328

 

Source: First Solar, Inc.

 

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