First Solar, Inc. Announces First Quarter 2015 Financial Results

• Net sales of $469 million
• GAAP loss per fully diluted share of ($0.62)
• Cash and marketable securities of $1.5 billion, net cash of $1.2 billion
• 593MWdc of new bookings. Year to date bookings of 905MWdc
• 16.3% lead line efficiency at end of April. 15.6% average lead line efficiency for Q1

TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter of 2015. Net sales were $469 million in the quarter, a decrease of $539 million from the fourth quarter of 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 a YieldCo. In addition, delays on multiple 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.

The Company reported a first quarter GAAP loss per fully diluted share of ($0.62), compared to earnings of $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.

Cash and marketable securities at the end of the first quarter were approximately $1.5 billion, a decrease of approximately $507 million compared to the prior quarter. Cash flows used in operations were $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 a YieldCo launch.

“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.”

The Company also provided guidance for the second quarter of 2015 as follows:

• Net Sales of $750 to $850 million
• Earnings of $0.45 to $0.55 per fully diluted share, including a non-recurring tax benefit of approximately $0.40
• Cash flow used in operating activities of ($250) to ($350) million

First Solar has scheduled a conference call for today, April 30, 2015 at 5:00 p.m. ET to discuss this announcement. A live webcast of this conference call is available at http://investor.firstsolar.com/events.cfm.

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 Wednesday, May 6, 2015 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 3108257. 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 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: 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, warranties, solar module efficiency and balance of systems cost reduction roadmaps, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; 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," "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, Current Reports on Form 8-K and other reports filed with the SEC.

*Earnings per share guidance excludes impact related to potential 8point3 Energy Partners IPO transaction occurring in Q2

First Solar Investors
David Brady
+1 602-414-9315
[email protected]
or
Steve Haymore
+1 602-414-9315
[email protected]
or
First Solar Media
Steve Krum
+1 602-427-3359
[email protected]

Source: First Solar, Inc.

You May Also Be Interested In

• Evercore ISI Upgrades First Solar (FSLR) to Outperform
• AZZ, Inc. (AZZ) Announces Proposed 4M Share Offering
• Gaucho Group Holdings Inc. (VINO) Receives Nasdaq Non-compliance Notice