First Solar, Inc. (Tempe, Arizona, U.S.) on April 30th, 2015 announced financial results for the first quarter of 2015. Net sales were USD 469 million in Q1, a decrease of USD 539 million from the Q4, 2014.
The sequential decrease in net sales resulted from retaining projects which would otherwise have generated revenue in anticipation of the Company's announced plans to pursue the joint YieldCo 8point3 Energy Partners with SunPower Corp., First solar notes.
In addition, delays on multiple PV projects in the current quarter, a higher mix of module only sales and the sale of the SolarGen 2 project in the prior quarter contributed to the lower revenue.
“As anticipated, the first quarter was a transitional period as we executed on our plans to form 8point3 Energy Partners,” said Jim Hughes, CEO of First Solar.
“We continue to enhance the overall strength of our business with our lead line now running at 16.3% efficiency and our announced strategic alliance with Caterpillar.”
USD 0.62 GAAP loss per fully diluted share in Q1, 2015
The Company reported a first quarter GAAP loss per fully diluted share of USD 0.62, compared to earnings of USD 1.89 in the prior quarter. The decrease in net income compared to the prior quarter was due to lower revenue, the mix of systems projects under construction and a higher proportion of module only and module plus sales, the company emphasizes.
Cash and marketable securities at the end of the first quarter were approximately USD 1.5 billion, a decrease of approximately USD 507 million compared to the prior quarter. Cash flows used in operations were USD 418 million in the first quarter. The decrease in cash and marketable securities during the quarter was due also to the increase in project construction on balance sheet in preparation for the YieldCo launch.
The Company also provided guidance for the second quarter of 2015 with net sales of USD 750 to USD 850 million, and earnings of USD 0.45 to USD 0.55 per fully diluted share, including a non-recurring tax benefit of approximately USD 0.40.
2015-05-04 | Courtesy: First Solar, Inc. | solarserver.com © Heindl Server GmbH
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