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First Solar, Inc. Announces First Quarter 2019 Financial Results

Published on 8 May 2019
First Solar 
- 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

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:


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


ENF Profiles For Companies Mentioned in This Article

First Solar (Solar Panels): https://www.enfsolar.com/directory/panel/2567
First Solar (Solar System Installers): https://www.enfsolar.com/directory/installer/2567
First Solar (Recycling): https://www.enfsolar.com/service/2567
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