Analysts surveyed by FactSet are projecting GAAP earnings of 77 cents per share on revenue of $989.7 million.From the press release:
During the same quarter last year, the Tempe, AZ-based solar energy solutions company reported GAAP earnings of $3.38 per diluted share on revenue of $1.27 billion....
- Net sales of $688 million
- GAAP earnings per share of $1.49
- Non-GAAP earnings per share of $1.22
- Cash and marketable securities of $2.1 billion, net cash of $1.3 billion
- Maintain 2016 EPS guidance; Revenue guidance lowered for revised project sale timing
First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter of 2016. Net sales were $688 million, a decrease of $246 million from the prior quarter, due to the completion of multiple systems projects during the quarter, partially offset by higher module-only sales.
The Company reported third quarter earnings per share of $1.49, compared to $0.13 in the prior quarter. The third quarter was impacted by pre-tax charges of $4 million, related to previously announced restructuring actions. Restructuring related charges in the second quarter were $86 million. Third quarter non-GAAP earnings per share, adjusted for restructuring charges and a foreign tax benefit, were $1.22, compared to $0.87 in the second quarter. Net income was higher versus the prior quarter as a result of lower restructuring charges and the aforementioned foreign tax benefit.We'll be back with more. In early pre-market trade the stock is up 14 cents at $40.72 after a knee-jerk 2.5% drop as the machines mis-read the revenue forecast as a miss.
Cash and marketable securities at the end of the third quarter increased to $2.1 billion, primarily due to borrowing under the Company’s revolving credit facility. The short-term borrowing is a result of the ongoing construction of large scale projects which have not yet been sold. Cash flows used in operations were $76 million in the third quarter.
“In the third quarter our operational and financial results were solid,” said Mark Widmar, CEO of First Solar. “Our entire fleet module efficiency for the past quarter was 16.5% and our lead line efficiency exited the quarter at 16.9%, demonstrating continued execution on our technology roadmap. We are pleased with our current year financial performance; however, current market conditions are extremely challenging and require us to carefully assess our short and long-term strategic response.”...MORE
First Solar, Inc. 2016 Third Quarter Financial Results
4:30 PM ET