- Net sales of $585 million
- Net loss per share of $(0.18)
- Cash, restricted cash and marketable securities of $2.1 billion, net cash of $1.7 billion
- YTD net bookings of 4.3GWDC; 2.0 GWDC since prior earnings call
- Maintain 2019 net sales, EPS and cash guidance
First Solar, Inc. today announced financial results for the second quarter ended June 30, 2019. Net sales for the second quarter were $585 million, an increase of $53 million from the prior quarter, primarily due to increased module and system sales in the U.S. and Australia.
The Company reported a second quarter loss per share of $(0.18), compared to a loss per share of $(0.64) in the first quarter of 2019.
Cash, restricted cash and marketable securities at the end of the second quarter decreased to $2.1 billion from $2.3 billion at the end of the prior quarter, primarily as a result of continued capital investments in Series 6 manufacturing capacity.
"We continued to make significant progress in our Series 6 transition during Q2, with improvements across all manufacturing metrics," said Mark Widmar, CEO of First Solar. "We had record module production and shipments during the second quarter, and with our recent bookings success we are now essentially sold out through 2020, with significant bookings visibility into 2021."
2019 guidance has been updated as follows:
(1) Includes $60 to $70 million of ramp costs ($45 to $55 million previously)
(2) Includes $55 to $65 million of production start-up expense ($70 to $80 million previously)
(3) Defined as cash, restricted cash and marketable securities less expected debt at the end of 2019