First Solar (FSLR) Posts EPS of $1.66, Sales Miss

First Solar (NASDAQ: FSLR) reported Q1 EPS of $1.66, which may not compare to the analyst estimate of $0.93. Revenue for the quarter came in at $848 million versus the consensus estimate of $966.63 million.

The increase in net income versus the fourth quarter resulted from higher Desert Stateline revenue, systems cost improvements and a one-time gain on the sale of certain restricted investments. These items were partially offset by an increase in tax expense.

GUIDANCE:

First Solar sees FY2016 EPS of $4.10-$4.50, versus the consensus of $4.30. First Solar sees FY2016 revenue of $3.8-4.0 billion.

Cash and marketable securities at the end of the first quarter increased to $1.9 billion. Cash flows from operations were $50 million in the first quarter.

“Our first quarter results represent a very strong start to 2016,” said Jim Hughes, CEO of First Solar. “The sale of additional economic interests in our Stateline project further strengthens our relationship with a strategic business partner, and the transaction provides greater flexibility for future dropdowns to 8point3. We continue to operate our business with a disciplined approach and are focused on achieving our 2016 objectives communicated at our recent Analyst Day.”

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

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