First Solar announces net sales of USD 896 million, Year-to-date bookings of 1.4 GW

First Solar’s increase in cash and marketable securities was due to receipts from the sale of majority interests in the North Star and Lost Hills-Blackwell PV projects as well as proceeds received in conjunction with the YieldCo 8point3 Energy Partners IPO
First Solar’s increase in cash and marketable securities was due to receipts from the sale of majority interests in the North Star and Lost Hills-Blackwell PV projects as well as proceeds received in conjunction with the YieldCo 8point3 Energy Partners IPO

First Solar, Inc. (Tempe, Arizona, U.S.) on August 4th, 2015 announced financial results for the second quarter of 2015. Net sales were USD 896 million in the quarter, an increase of USD 427 million from the first quarter of 2015.

The increase in net sales from the prior quarter resulted from increased revenue recognition on the Silver State South PV project and the sale of majority interests in the North Star and Lost Hills-Blackwell PV projects.

 

Year-to-date bookings of 1.4 GW

“We achieved significant financial and technological milestones this past quarter with the IPO of 8point3 Energy Partners and a new record module conversion efficiency of 18.6%,” said Jim Hughes, CEO of First Solar.

“In combination with year-to-date bookings of 1.4 GW and full year earnings guidance of over three dollars per share, we continue to execute across all elements of our business.”

First Solar reported second quarter GAAP earnings per fully diluted share of USD 0.93, compared to a loss of USD 0.62 in the prior quarter. The sequential increase in net income was due to higher PV systems project revenue, project cost improvements and a discrete tax benefit in the second quarter of approximately USD 42 million.

 

Cash, marketable securities due to receipts from the sale of PV projects, YieldCo IPO

Cash and marketable securities at the end of the second quarter were approximately USD 1.8 billion, an increase of approximately USD 291 million compared to the prior quarter. The increase in cash and marketable securities during the quarter was due to receipts from the sale of majority interests in the North Star and Lost Hills-Blackwell PV projects as well as proceeds received in conjunction with the YieldCo 8point3 Energy Partners (San Jose, California, U.S.) IPO.

First Solar’s guidance for 2015 includes net sales in the rage of USD 3.5 billion to USD 3.6 billion, a gross margin between 21% and 22%, earnings per share at USD 3.30 to USD 3.60, and total shipments between 2.8 GW and 2.9 GW.

 

2015-08-05 | Courtesy: First Solar, Inc. | solarserver.com © Heindl Server GmbH

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