First Solar, Inc. Announces Third Quarter 2015 Financial Results
November 09 2015 - 5:40PM
Business Wire
- Record Quarterly net sales of $1.3
billion
- Record Quarterly GAAP earnings per
fully diluted share of $3.41
- Cash and marketable securities of
$1.8 billion, net cash of $1.5 billion
- Affirms 2015 EPS guidance of $4.30
to $4.50
- Record 1.7GWdc of new
bookings; Record annual bookings of 3.1GWdc
year-to-date
First Solar, Inc. (Nasdaq: FSLR) today announced financial
results for the third quarter of 2015 following preliminary results
issued on October 29, 2015. The Company has completed its analysis
of the previously announced discrete income tax matter related to a
foreign jurisdiction and has filed its complete Quarterly Report on
Form 10-Q.
The Company is revising previously issued financial statements
for the periods presented in the Quarterly Report on Form 10-Q to
properly record a liability associated with an uncertain tax
position related to income of a foreign subsidiary. The revisions
to the financial statements resulted in a $36.0 million decrease to
accumulated earnings as of December 31, 2014. Additionally, these
revisions will be reflected at the time the financial statement for
annual and interim periods, and summary financial information, are
published in the future. See “Revision of Previously Issued
Financial Statements” in Note 1. “Basis of Presentation” to our
condensed consolidated financial statements in our Quarterly Report
on Form 10-Q for more information.
First Solar’s third quarter 2015 net sales, gross margin and
ending cash balances were all unchanged from the preliminary
results issued previously. Earnings per fully diluted share
increased to $3.41, as compared to the preliminary results.
The Company also affirmed the updated 2015 guidance provided in
the preliminary earnings press release.
2015 Guidance Update Current Net
Sales $3.5B to $3.6B Gross Margin
%1 24% to 25% Operating
Expenses1 $395M to $405M
Operating Income1 $450M to $490M
Effective Tax Rate 4% to 6% Earnings
per Share1 $4.30 to $4.50 Net
Cash Balance2 $1.3B to $1.4B
Capital Expenditures $175M to $200M
Working Capital3 $1.1B to $1.2B
Shipments 2.8GW to 2.9GW
1- Includes $80M benefit ($70M Gross Margin, $10M Opex) for a
reduction in EOL obligation. EPS impact is $0.602- Cash &
Marketable securities less debt at end of 20153- Expected increase
in working capital from December 31, 2014
About First Solar, Inc.
First Solar is a leading global provider of comprehensive
photovoltaic (PV) solar systems which use its advanced module and
system technology. The Company's integrated power plant solutions
deliver an economically attractive alternative to fossil-fuel
electricity generation today. From raw material sourcing through
end-of-life module recycling, First Solar's renewable energy
systems protect and enhance the environment. For more information
about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: effects on our
financial statements and guidance resulting from the pending tax
matter described in this release, including our assessment of the
likelihood and amount of penalties that may be imposed on us (which
penalties, if any, could cause the estimated financial impact to be
significantly greater than the estimate provided in this release);
our business strategy, including anticipated trends and
developments in and management plans for our business and the
markets in which we operate; future financial results, operating
results, revenues, gross margin, operating expenses, operating
income, effective tax rate, earnings per share, net cash balance,
capital expenditures, working capital, shipments, products,
projected costs (including estimated future module collection and
recycling costs), warranties, solar module efficiency and balance
of systems cost reduction roadmaps, restructuring, product
reliability, investments in unconsolidated affiliates and capital
expenditures; our ability to continue to reduce the cost per watt
of our solar modules; our ability to reduce the costs to construct
PV solar power systems; research and development programs and our
ability to improve the conversion efficiency of our solar modules;
sales and marketing initiatives; and competition. These
forward-looking statements are often characterized by the use of
words such as "estimate," "expect," "anticipate," "project,"
"plan," "intend," "believe," "forecast," "foresee," "likely,"
"may," "should," "goal," "target," "might," "will," "could,"
"predict," "continue" and the negative or plural of these words and
other comparable terminology. Forward-looking statements are only
predictions based on our current expectations and our projections
about future events. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to, the matters
discussed in Item 1A: "Risk Factors," of our most recent Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other reports filed with the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20151109006811/en/
First Solar InvestorsSteve Haymore, +1
602-414-9315stephen.haymore@firstsolar.comorFirst Solar
MediaSteve Krum, +1 602-427-3359steve.krum@firstsolar.com
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