First Solar (FSLR) Cuts FY11 Outlook on Project Delays, Weather; Guides FY12 Below
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Price: $214.06 -3.75%
Financial Fact:
Foreign currency gain (loss): -6.87M
Today's EPS Names:
EDXC, BICX, FBPI, More
Financial Fact:
Foreign currency gain (loss): -6.87M
Today's EPS Names:
EDXC, BICX, FBPI, More
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First Solar, Inc. (NASDAQ: FSLR) today updated the Company’s 2011 financial guidance and announced 2012 guidance.
First Solar now forecasts 2011 net sales in the range of $2.8 to $2.9 billion, down from the Company’s prior guidance range for net sales of $3.0 to $3.3 billion. The Company expects diluted earnings per share (EPS) for 2011 to be in the range of $5.75 to $6.00, with consolidated operating income of $575 to $600 million. The primary reason for the revised 2011 guidance is continued delays of certain projects in First Solar’s systems business due to weather and other factors.
The Street sees FY11 EPS of $6.88 and revs of $3.20 billion.
Not included in the revised guidance are expected charges related to a series of initiatives to accelerate operating cost reductions and improve overall operating efficiency, the majority of which the Company expects to incur in the current quarter. These charges include up to $0.75 per fully diluted share of impairment and associated charges primarily related to certain equipment, and a severance charge of up to $0.10 per fully diluted share related to a workforce reduction of approximately 100 associates, less than 1.5 percent of First Solar’s workforce.
For 2012, First Solar forecasts net sales in the range of $3.7 to $4.0 billion, including approximately $1.7 billion from the systems business. Diluted EPS is expected to be in the range of $3.75 to $4.25, and consolidated operating income is expected to be $425 to $450 million. The Company expects to generate $0.9 to $1.1 billion of operating cash flow and plans for approximately $375-$425 million in capital investment in 2012.
The Street sees EPS of $7.42 and revs of $4.09 billion.
First Solar now forecasts 2011 net sales in the range of $2.8 to $2.9 billion, down from the Company’s prior guidance range for net sales of $3.0 to $3.3 billion. The Company expects diluted earnings per share (EPS) for 2011 to be in the range of $5.75 to $6.00, with consolidated operating income of $575 to $600 million. The primary reason for the revised 2011 guidance is continued delays of certain projects in First Solar’s systems business due to weather and other factors.
The Street sees FY11 EPS of $6.88 and revs of $3.20 billion.
Not included in the revised guidance are expected charges related to a series of initiatives to accelerate operating cost reductions and improve overall operating efficiency, the majority of which the Company expects to incur in the current quarter. These charges include up to $0.75 per fully diluted share of impairment and associated charges primarily related to certain equipment, and a severance charge of up to $0.10 per fully diluted share related to a workforce reduction of approximately 100 associates, less than 1.5 percent of First Solar’s workforce.
For 2012, First Solar forecasts net sales in the range of $3.7 to $4.0 billion, including approximately $1.7 billion from the systems business. Diluted EPS is expected to be in the range of $3.75 to $4.25, and consolidated operating income is expected to be $425 to $450 million. The Company expects to generate $0.9 to $1.1 billion of operating cash flow and plans for approximately $375-$425 million in capital investment in 2012.
The Street sees EPS of $7.42 and revs of $4.09 billion.
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