First Solar (FSLR) Tops Q1 EPS by 58c; Withdraws Guidance

First Solar (NASDAQ: FSLR) reported Q1 EPS of $0.85, $0.58 better than the analyst estimate of $0.27. Revenue for the quarter came in at $532 million versus the consensus estimate of $571.98 million.

“In meeting the clean energy needs of the global economy, we will continue to balance our top priority of safety with delivering value to each of our stakeholders,” said Mark Widmar, CEO of First Solar.

“We recognize the challenges that our associates and their families are facing in these uncertain times, and are very proud of the dedication, focus, and commitment that we have witnessed from each First Solar associate over the past two months. It is during challenging times like these that our culture of agility, collaboration, and accountability shines through.”

“Despite the uncertain economic environment, demand for our Series 6 product remains strong, as evidenced by the 1.1 GWDC of net-bookings since our prior earnings call. We continue to meet this demand with well-coordinated operational execution from our diverse Series 6 manufacturing footprint in Ohio, Malaysia, and Vietnam.”

GUIDANCE:

As of the date of this release, the Company and its financial results have not been materially impacted by COVID-19. However, given the significant uncertainty regarding the severity and duration of the COVID-19 pandemic and its impact on the Company’s operations and financial results, as well as on energy and capital markets, the Company is withdrawing its full-year 2020 guidance.

For earnings history and earnings-related data on First Solar (FSLR) click here.

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