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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Solar Inc | NASDAQ:FSLR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.30 | 0.15% | 194.11 | 194.75 | 195.47 | 197.67 | 191.51 | 194.20 | 1,745,070 | 00:59:59 |
First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter of 2017. Net sales for the third quarter were $1.1 billion, an increase of $464 million from the prior quarter primarily due to the sale of the California Flats and Cuyama projects, and higher third-party module sales.
The Company reported third quarter earnings per share (“EPS”) of $1.95, compared to EPS of $0.50 in the prior quarter. The third quarter was impacted by pre-tax restructuring and asset impairment charges of less than $1 million, compared to $18 million in the second quarter. Net income increased versus the prior quarter primarily as a result of higher net sales, improved gross margin and lower restructuring charges. Third quarter non-GAAP EPS, adjusted for restructuring and asset impairment charges, was $1.95, compared to $0.64 in the second quarter.
Cash and marketable securities at the end of the third quarter increased to $2.7 billion from $2.2 billion in the prior quarter. The increase primarily resulted from cash received from projects sold in the third quarter. Cash flows from operations were $581 million in the third quarter.
“Third quarter results were highlighted by record bookings and strong earnings resulting from the sale of our California Flats project,” said Mark Widmar, CEO of First Solar. “Our 4.5GWdc of bookings demonstrates both the robust market demand for our Series 4 and Series 6 module technology, and the acceleration of procurement timing by certain customers. Closing the sale of our California Flats project was also an important milestone toward achieving our financial guidance for the year. While we are pleased with our recent results, we continue to be intently focused on the success of our Series 6 transition.”
Based on results for the third quarter, the Company updated 2017 guidance as follows:
2017 Guidance Prior GAAP Current GAAP Prior Non-GAAP Current Non-GAAP Net Sales $3.0B to $3.1B Unchanged Gross Margin % 17.0% to 18.0% ~18.0% Operating Expenses $370M to $395M $370M to $385M $330M to $340M Unchanged Operating Income $115M to $180M $165M to $190M $170M to $220M $210M to $230M Earnings per Share $1.55 to $2.20 $2.05 to $2.30 $2.00 to $2.50 $2.40 to $2.60 Net Cash Balance1 $2.1B to $2.3B Unchanged Operating Cash Flow $850M to $950M Unchanged Capital Expenditures $400M to $500M Unchanged Shipments 2.6GW to 2.7GW Unchanged1. Defined as cash and marketable securities less expected debt at the end of 2017.
For a reconciliation of the non-GAAP measures presented above to measures presented in accordance with generally accepted accounting principles in the United States (“GAAP”), see the tables below.
First Solar has scheduled a conference call for today, October 26, 2017 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call will be available at http://investor.firstsolar.com. 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 until Nov 2, 2017 at 7:30 p.m. ET, and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 6807520. 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. These forward-looking statements include statements, among other things, concerning: effects on our financial statements and guidance resulting from certain module manufacturing changes and associated restructuring activities; our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs (including estimated future module collection and recycling costs), warranties, solar module technology and cost reduction roadmaps, restructuring, product reliability, investments in unconsolidated affiliates and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; the impact of public policies, such as tariffs or other trade remedies imposed on solar cells and modules; our ability to expand manufacturing capacity worldwide; our ability to reduce the costs to construct PV solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. 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. 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. 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, the matters discussed in Item 1A "Risk Factors," of our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission.
FIRST SOLAR, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share data)(Unaudited)
September 30, 2017
December 31, 2016
ASSETS Current assets: Cash and cash equivalents $ 2,019,073 $ 1,347,155 Marketable securities 699,544 607,991 Accounts receivable trade, net 344,645 266,687 Accounts receivable, unbilled and retainage 455,118 206,739 Inventories 217,555 363,219 Balance of systems parts 20,892 62,776 Project assets 67,263 700,800 Note receivable, affiliate — 15,000 Prepaid expenses and other current assets 142,404 217,462 Total current assets 3,966,494 3,787,829 Property, plant and equipment, net 940,119 629,142 PV solar power systems, net 454,483 448,601 Project assets 406,396 762,148 Deferred tax assets, net 276,423 255,152 Restricted cash and investments 408,873 371,307 Investments in unconsolidated affiliates and joint ventures 227,661 234,610 Goodwill 14,462 14,462 Other intangibles, net 81,765 87,970 Inventories 110,412 100,512 Notes receivable, affiliates 69,432 54,737 Other assets 98,173 77,898 Total assets $ 7,054,693 $ 6,824,368 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 130,704 $ 148,730 Income taxes payable 4,396 12,562 Accrued expenses 317,325 262,977 Current portion of long-term debt 13,451 27,966 Deferred revenue 69,095 308,704 Other current liabilities 44,046 146,942 Total current liabilities 579,017 907,881 Accrued solar module collection and recycling liability 163,707 166,277 Long-term debt 330,209 160,422 Other liabilities 469,364 371,439 Total liabilities 1,542,297 1,606,019 Commitments and contingencies Stockholders’ equity:Common stock, $0.001 par value per share; 500,000,000 shares authorized; 104,431,990and 104,034,731 shares issued and outstanding at September 30, 2017 andDecember 31, 2016, respectively
104 104 Additional paid-in capital 2,788,467 2,765,310 Accumulated earnings 2,729,681 2,462,842 Accumulated other comprehensive loss (5,856 ) (9,907 ) Total stockholders’ equity 5,512,396 5,218,349 Total liabilities and stockholders’ equity $ 7,054,693 $ 6,824,368FIRST SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2017 2016 2017 2016 Net sales $ 1,087,026 $ 681,276 $ 2,602,143 $ 2,573,768 Cost of sales 795,226 510,368 2,115,266 1,943,198 Gross profit 291,800 170,908 486,877 630,570 Operating expenses: Selling, general and administrative 50,546 60,345 147,702 191,624 Research and development 20,850 32,173 64,990 95,291 Production start-up 12,624 752 22,155 807 Restructuring and asset impairments 791 4,314 39,108 89,846 Total operating expenses 84,811 97,584 273,955 377,568 Operating income 206,989 73,324 212,922 253,002 Foreign currency loss, net (3,968 ) (2,296 ) (6,166 ) (8,259 ) Interest income 8,392 5,894 22,364 18,829 Interest expense, net (4,149 ) (5,563 ) (19,692 ) (17,356 ) Other income, net 2,018 6,419 25,180 48,725 Income before taxes and equity in earnings of unconsolidated affiliates 209,282 77,778 234,608 294,941 Income tax (expense) benefit (7,580 ) 68,205 26,769 32,886 Equity in earnings of unconsolidated affiliates, net of tax 4,045 4,474 5,462 6,851 Net income $ 205,747 $ 150,457 $ 266,839 $ 334,678 Net income per share: Basic $ 1.97 $ 1.46 $ 2.56 $ 3.27 Diluted $ 1.95 $ 1.45 $ 2.54 $ 3.25 Weighted-average number of shares used in per share calculations: Basic 104,432 103,339 104,287 102,496 Diluted 105,660 103,684 104,889 103,110Non-GAAP Financial Measures
In the press release above, we provided non-GAAP earnings per share for the three months ended September 30, 2017 and June 30, 2017. We have included these non-GAAP financial measures to adjust for (i) restructuring, asset impairment and related charges primarily associated with the transition from Series 4 to Series 6 production and (ii) the tax effect associated with these items. We believe non-GAAP earnings per share, when taken together with corresponding GAAP financial measures, to be relevant and useful information to our investors because it provides them with additional information in assessing our financial operating results. Our management uses this non-GAAP financial measure in evaluating our operating performance. However, this measure has limitations, including that it excludes the effect of certain changes to our assets and liabilities and certain amounts that we may ultimately have to pay in cash. Accordingly, this non-GAAP financial measure should be considered in addition to, and not as a substitute for, or superior to earnings per share prepared in accordance with GAAP. The following is the reconciliation of earnings per share prepared in accordance with GAAP to non-GAAP earnings per share for each period presented (in millions, except per share amounts):
Three Months EndedSeptember 30, 2017
Net income $ 205.7 Restructuring and asset impairments 0.8 Tax effect* (0.1 ) Non-GAAP net income $ 206.4 Weighted-average number of shares used for diluted earnings per share 105.7 Diluted GAAP earnings per share $ 1.95 Diluted Non-GAAP earnings per share $ 1.95* Restructuring treated as a non-discrete item for tax purposes and will be reflected in the effective tax rate over theduration of 2017.
Three Months EndedJune 30, 2017
Net income $ 52.0 Restructuring and asset impairments 18.3 Tax effect* (3.8 ) Non-GAAP net income $ 66.5 Weighted-average number of shares used for diluted earnings per share 104.6 Diluted GAAP earnings per share $ 0.50 Diluted Non-GAAP earnings per share $ 0.64* Restructuring treated as a non-discrete item for tax purposes and will be reflected in the effective tax rate over theduration of 2017.
In the press release above, we provided non-GAAP guidance as of the date of this press release for our operating expenses, operating income and earnings per share for the year ending December 31, 2017. We have included these forward-looking non-GAAP financial measures to adjust our GAAP projections of such financial measures for, as applicable, (i) restructuring, asset impairment and related charges primarily associated with the transition from Series 4 to Series 6 production and (ii) additional restructuring activities expected during the remainder of the year. Other GAAP charges, including those related to certain asset impairments or restructuring programs, that would be excluded from non-GAAP earnings per share are possible for the periods presented, but such amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges are also dependent upon future events and valuations that have not yet occurred or been performed. We believe these forward-looking non-GAAP financial measures, when taken together with our corresponding financial guidance based on GAAP, to be relevant and useful information to our investors because they provide them with additional information in assessing our financial operating results. Our management also uses such non-GAAP guidance in evaluating our operating performance. However, such measures have limitations, including that they exclude the effect of certain changes to our assets and liabilities, certain amounts that we may ultimately have to pay in cash and certain tax impacts. Accordingly, these forward-looking non-GAAP financial measures that exclude the aforementioned items should be considered in addition to, and not as substitutes for or superior to, financial guidance based on GAAP. The following are the reconciliations of our current and prior non-GAAP 2017 guidance to our current and prior GAAP 2017 guidance (in millions, except per share amounts):
Reconciliation of Non-GAAP 2017 Guidance to GAAP 2017 Guidance
GAAP GuidanceRestructuringCharges
Non-GAAP Guidance
Operating Expenses $370 to $385 $(40) to $(45) $330 to $340 Operating Income $165 to $190 $45 to $40 $210 to $230 Earnings per Share $2.05 to $2.30 $0.35 to $0.30 $2.40 to $2.601. $40 to $45 million of restructuring related charges associated with our transition from Series 4 to Series 6 modulemanufacturing.
Reconciliation of Prior Non-GAAP 2017 Guidance to Prior GAAP 2017 Guidance
GAAP GuidanceRestructuringCharges1
Non-GAAP Guidance Operating Expenses $370 to $395 $(40) to $(55) $330 to $340 Operating Income $115 to $180 $55 to $40 $170 to $220 Earnings per Share $1.55 to $2.20 $0.45 to $0.30 $2.00 to $2.501. $40 to $55 million of restructuring related charges associated with our transition from Series 4 to Series 6 modulemanufacturing.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026006538/en/
First Solar InvestorsSteve Haymore+1 602-414-9315stephen.haymore@firstsolar.comorFirst Solar MediaSteve Krum+1 602-427-3359steve.krum@firstsolar.com
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