First Solar (FSLR) Tops Q2 EPS by 32c, Lowers FY EPS Guidance
First Solar (NASDAQ: FSLR) reported Q2 EPS of $0.87, $0.32 better than the analyst estimate of $0.55. Revenue for the quarter came in at $934.4 million versus the consensus estimate of $862.68 million.
GUIDANCE:
First Solar sees FY2016 EPS of $3.65-$3.90, versus prior guidance of $4.10-$4.50 and the consensus of $4.25.
The Company updated its 2016 earnings per share guidance and updated other forecasted items as follows:
| 2016 Guidance | Prior GAAP | Current GAAP | Current Non-GAAP | ||||||
| Net Sales | $3.8B to $4.0B | Unchanged | |||||||
| Gross Margin % | 18% to 19% | 18.5% to 19% | |||||||
| Operating Expenses | $380M to $400M | $485M to $520M | $380M to $400M | ||||||
| Operating Income | $300M to $370M | $205M to $250M | $310M to $370M | ||||||
| Effective Tax Rate | 16% to 18% | 4% to 6% | 16% to 18% | ||||||
| Earnings per Share1 | $4.10 to $4.50 | $3.65 to $3.90 | $4.20 to $4.50 | ||||||
| Net Cash Balance2 | $1.9B to $2.2B | Unchanged | |||||||
| Operating Cash Flow3 | $500M to $700M | $500M to $650M | |||||||
| Capital Expenditures | $300M to $400M | $275M to $325M | |||||||
| Shipments | 2.9GW to 3.0GW | Unchanged | |||||||
For earnings history and earnings-related data on First Solar (FSLR) click here.