First Solar announces Q3, 2015 results including record quarterly GAAP earnings per fully diluted share of USD 3.41

First Solar’s third quarter 2015 net sales, gross margin and ending cash balances were all unchanged from the preliminary results issued previously
First Solar’s third quarter 2015 net sales, gross margin and ending cash balances were all unchanged from the preliminary results issued previously

First Solar, Inc. (Tempe, Arizona, U.S.) on November 9th, 2015 announced financial results for the third quarter of 2015 following preliminary results issued on October 29th, 2015.

First Solar recorded net sales of USD 1.3 billion in the quarter, an increase of USD 375 million from the second quarter of 2015. The increase in net sales from the prior quarter resulted primarily from initial revenue recognition on the sale of a majority interest in the partially constructed Desert Stateline PV project, the company notes.

In addition revenue increased due to higher third party PV module sales and an increase in systems revenue across multiple projects.

 

Revision due to an uncertain tax position

The Company has completed its analysis of the previously announced discrete income tax matter related to a foreign jurisdiction and has filed its complete Quarterly Report on Form 10-Q.

The Company is revising previously issued financial statements for the periods presented in the Quarterly Report to properly record a liability associated with an uncertain tax position related to income of a foreign subsidiary.

 

Earnings per fully diluted share increased to USD 3.41, as compared to the preliminary results

The revisions to the financial statements resulted in a USD 36.0 million decrease to accumulated earnings as of December 31st, 2014. Additionally, these revisions will be reflected at the time the financial statement for annual and interim periods, and summary financial information, are published in the future.

 

Full-year guidance affirmed

First Solar’s third quarter 2015 net sales, gross margin and ending cash balances were all unchanged from the preliminary results issued previously. Earnings per fully diluted share increased to USD 3.41, as compared to the preliminary results.

The Company also affirmed the updated 2015 full-year guidance provided in the preliminary earnings press release with net sales of USD 3.5 to USD 3.6 billion, shipments totaling 2.8 GW to 2.9 GW, and gross margin at 24% to 25%.

 

2015-11-10 | Courtesy: First Solar, Inc. | solarserver.com © Heindl Server GmbH

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