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Solar PV Corporate News Release
JinkoSolar Announces First Quarter 2019 Financial Results
Jun 28, 2019
CANADIAN SOLAR REPORTS FIRST QUARTER 2019 RESULTS
May 30, 2019
SunPower Reports First Quarter 2019 Results
May 10, 2019
First Solar, Inc. Announces First Quarter 2019 Financial Results
May 03, 2019
JinkoSolar Announces Fourth Quarter and Full Year 2018 Financial Results
Mar 22, 2019
Canadian Solar Reports Fourth Quarter and Full Year 2018 Results
Mar 21, 2019
FIRST SOLAR, INC. ANNOUNCES FOURTH QUARTER & FULL YEAR 2018 FINANCIAL RESULTS
Feb 22, 2019
SunPower Reports Fourth Quarter and Fiscal Year 2018 Results
Feb 14, 2019
JinkoSolar Announces Third Quarter 2018 Financial Results
Nov 26, 2018
CANADIAN SOLAR REPORTS THIRD QUARTER 2018 RESULTS
Nov 15, 2018
SunPower Reports Third Quarter 2018 Results
Oct 31, 2018
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 First Quarter 2019 Financial Results

Net sales of $532 million

Net loss per share of $(0.64)

Cash, restricted cash and marketable securities of $2.3 billion, net cash of $1.7 billion

YTD net bookings of 2.3GWDC; 1.1GWDC since prior earnings call

Raise 2019 net sales and net cash guidance; Maintain 2019 EPS guidance of $2.25 to $2.75

TEMPE, Ariz., May 02, 2019 -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter ended March 31, 2019. Net sales for the first quarter were $532 million, a decrease of $159 million from the prior quarter, primarily due to lower systems project revenue in the United States and Japan.

The Company reported a first quarter loss per share of $(0.64), compared to earnings per share of $0.49 in the fourth quarter of 2018.

Cash, restricted cash and marketable securities at the end of the first quarter decreased to $2.3 billion from $2.7 billion at the end of the prior quarter, primarily as a result of ongoing capital investments in Series 6 manufacturing capacity, factory ramp activities and the timing of cash receipts from certain systems project sales.

"During the first quarter of 2019 we continued to realize advancements in Series 6 throughput and efficiency and we are particularly pleased with the start-up and ongoing ramp of our second facility in Vietnam, said Mark Widmar, CEO of First Solar. "Series 6 demand remains robust, and we are encouraged by the strong year-to-date bookings which are on track to exceed our targeted annual bookings-to-shipments ratio."

2019 guidance has been updated as a result of greater expected module and system sales, increased ramp related and EPC costs, and lower projected operating costs. The complete 2019 guidance is as follows:

2019 Guidance

Prior

Current

Net Sales

$3.25B to $3.45B

$3.5B to $3.7B

Gross Margin % (1)

19.5% to 20.5%

18% to 19%

Operating Expenses (2)

$375M to $395M

$370M to $390M

Operating Income

$260M to $310M

Unchanged

Earnings per Share

$2.25 to $2.75

Unchanged

Net Cash Balance (3)

$1.6B to $1.8B

$1.7B to $1.9B

Capital Expenditures

$650M to $750M

Unchanged

Shipments

5.4GW to 5.6GW

Unchanged

  1. Includes $45 to $55 million of ramp costs ($35 to $45 million previously)
  2. Includes $70 to $80 million of production start-up expense ($75 to $85 million previously)
  3. Defined as cash, restricted cash and marketable securities less expected debt at the end of 2019

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 wattage of our solar modules; interest rate fluctuations and both our and our customers' ability to secure financing; the creditworthiness of our offtake counterparties and the ability of our offtake counterparties to fulfill their contractual obligations to us; the ability of our customers to perform under their contracts with us; 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, 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)

 

 

 

 

March 31,
 2019

 

December 31,
 2018

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,013,402

 

 

$

1,403,562

 

Marketable securities

 

1,103,812

 

 

1,143,704

 

Accounts receivable trade, net

 

301,669

 

 

128,282

 

Accounts receivable, unbilled and retainage

 

367,140

 

 

458,166

 

Inventories

 

459,472

 

 

387,912

 

Balance of systems parts

 

59,890

 

 

56,906

 

Project assets

 

80,278

 

 

37,930

 

Prepaid expenses and other current assets

 

277,163

 

 

243,061

 

Total current assets

 

3,662,826

 

 

3,859,523

 

Property, plant and equipment, net

 

1,859,293

 

 

1,756,211

 

PV solar power systems, net

 

305,628

 

 

308,640

 

Project assets

 

492,011

 

 

460,499

 

Deferred tax assets, net

 

78,283

 

 

77,682

 

Restricted cash and investments

 

388,637

 

 

318,390

 

Goodwill

 

14,462

 

 

14,462

 

Intangible assets, net

 

71,641

 

 

74,162

 

Inventories

 

142,192

 

 

130,083

 

Notes receivable, affiliate

 

-

 

 

22,832

 

Other assets

 

241,953

 

 

98,878

 

Total assets

 

$

7,256,926

 

 

$

7,121,362

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

221,738

 

 

$

233,287

 

Income taxes payable

 

7,865

 

 

20,885

 

Accrued expenses

 

408,031

 

 

441,580

 

Current portion of long-term debt

 

12,361

 

 

5,570

 

Deferred revenue

 

166,984

 

 

129,755

 

Other current liabilities

 

19,537

 

 

14,380

 

Total current liabilities

 

836,516

 

 

845,457

 

Accrued solar module collection and recycling liability

 

134,228

 

 

134,442

 

Long-term debt

 

558,356

 

 

461,221

 

Other liabilities

 

598,665

 

 

467,839

 

Total liabilities

 

2,127,765

 

 

1,908,959

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 105,352,685 
and 104,885,261 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively

 

105

 

 

105

 

Additional paid-in capital

 

2,814,115

 

 

2,825,211

 

Accumulated earnings

 

2,373,954

 

 

2,441,553

 

Accumulated other comprehensive loss

 

(59,013

)

 

(54,466

)

Total stockholders' equity

 

5,129,161

 

 

5,212,403

 

Total liabilities and stockholders' equity

 

$

7,256,926

 

 

$

7,121,362

 



 

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

 

 

 

Three Months Ended

 

 

March 31,
 2019

 

December 31,
 2018

 

March 31,
 2018

Net sales

 

$

531,978

 

 

$

691,241

 

 

$

567,265

 

Cost of sales

 

531,866

 

 

592,931

 

 

394,467

 

Gross profit

 

112

 

 

98,310

 

 

172,798

 

Operating expenses:

 

 

 

 

 

 

Selling, general and administrative

 

45,352

 

 

51,338

 

 

41,126

 

Research and development

 

21,877

 

 

21,388

 

 

20,324

 

Production start-up

 

9,522

 

 

14,576

 

 

37,084

 

Total operating expenses

 

76,751

 

 

87,302

 

 

98,534

 

Operating (loss) income

 

(76,639

)

 

11,008

 

 

74,264

 

Foreign currency gain (loss), net

 

172

 

 

1,908

 

 

(2,517

)

Interest income

 

14,259

 

 

14,643

 

 

11,824

 

Interest expense, net

 

(10,121

)

 

(11,476

)

 

(5,182

)

Other income, net

 

3,509

 

 

32,102

 

 

17,934

 

(Loss) income before taxes and equity in earnings

 

(68,820

)

 

48,185

 

 

96,323

 

Income tax benefit (expense)

 

1,394

 

 

4,416

 

 

(11,625

)

Equity in earnings, net of tax

 

(173

)

 

(485

)

 

(1,747

)

Net (loss) income

 

$

(67,599

)

 

$

52,116

 

 

$

82,951

 

 

 

 

 

 

 

 

Net (loss) income per share:

 

 

 

 

 

 

Basic

 

$

(0.64

)

 

$

0.50

 

 

$

0.79

 

Diluted

 

$

(0.64

)

 

$

0.49

 

 

$

0.78

 

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

 

 

 

 

 

 

Basic

 

105,046

 

 

104,845

 

 

104,550

 

Diluted

 

105,046

 

 

105,819

 

 

106,305

 

 Source: First Solar, Inc.

 

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