First Solar (FSLR) Tops Q3 EPS by 84c, Offers Q4 Guidance

First Solar (NASDAQ: FSLR) reported Q3 EPS of $1.45, $0.84 better than the analyst estimate of $0.61. Revenue for the quarter came in at $928 million versus the consensus estimate of $693.13 million.

GUIDANCE:

First Solar sees Q4 2020 EPS of $1.00-$1.50, versus the consensus of $1.07. First Solar sees Q4 2020 revenue of $540-790 million, versus the consensus of $814.6 million.

The Company previously withdrew its full-year 2020 guidance on May 7, 2020 given the significant uncertainties 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. As of the date of this release, the Company and its financial results have not been materially impacted by COVID-19. The Company today is reinstating financial guidance for the fourth quarter 2020 and providing implied full-year 2020 guidance based on its financial results through the third quarter 2020 and reinstated guidance for the fourth quarter 2020. The fourth quarter 2020 and implied full-year 2020 guidance are as follows:

(1) Includes $5 million of ramp costs for FY’20;(2) Includes $15 million of plant start-up expense for Q4’20 and $39 million for FY’20;(3) Includes $44 million of ramp costs and plant start-up expense for FY’20 and $27 million of Series 4 shutdown and other severance costs for FY’20;(4) Defined as cash, cash equivalents, marketable securities, and restricted cash less expected debt at the end of 2020.

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

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Artisan Partners Asset Management (APAM) PT Lowered to $40 at Evercore ISI
• Meta earnings, IBM to acquire HashiCorp, U.S. GDP ahead - what's moving markets