07.28.17
First Solar, Inc. announced financial results for the second quarter of 2017. Net sales for the second quarter were $623 million, a decrease of $269 million from the prior quarter primarily due to lower systems sales, partially offset by higher third-party module sales.
The company reported second quarter earnings of $0.50 per share, compared to earnings of $0.09 per share in the prior quarter. Cash and marketable securities at the end of the second quarter decreased to $2.2 billion from $2.4 billion in the prior quarter.
“We executed well in the second quarter with solid non-GAAP earnings of $0.64, record quarterly shipments of nearly 900MWdc and bookings of 1.5GWdc since our last earnings call,” said Mark Widmar, CEO of First Solar. “We are encouraged by the continuing strong demand for our Series 4 product and are focused on meeting our customers’ current needs. At the same time, our efforts to ensure the manufacturing and market readiness of Series 6 remains our highest priority. With the first Series 6 equipment being installed at our Ohio factory, and an increasing number of mid-to-late stage Series 6 bookings opportunities, we are pleased with our progress thus far.”
The company raised its revenue, earnings per share, operating cash flow and net cash guidance for the year as a result of improved visibility into the sale of systems projects, a discrete tax benefit in the second quarter and continuing operational improvements.
The company reported second quarter earnings of $0.50 per share, compared to earnings of $0.09 per share in the prior quarter. Cash and marketable securities at the end of the second quarter decreased to $2.2 billion from $2.4 billion in the prior quarter.
“We executed well in the second quarter with solid non-GAAP earnings of $0.64, record quarterly shipments of nearly 900MWdc and bookings of 1.5GWdc since our last earnings call,” said Mark Widmar, CEO of First Solar. “We are encouraged by the continuing strong demand for our Series 4 product and are focused on meeting our customers’ current needs. At the same time, our efforts to ensure the manufacturing and market readiness of Series 6 remains our highest priority. With the first Series 6 equipment being installed at our Ohio factory, and an increasing number of mid-to-late stage Series 6 bookings opportunities, we are pleased with our progress thus far.”
The company raised its revenue, earnings per share, operating cash flow and net cash guidance for the year as a result of improved visibility into the sale of systems projects, a discrete tax benefit in the second quarter and continuing operational improvements.
