First Solar, Inc. Announces Full Year 2016 Guidance
December 09 2015 - 4:05PM
Business Wire
- Net sales of $3.9 to $4.1
billion
- Earnings per fully diluted share of
$4.00 to $4.50
- Ending 2016 net cash of $2.0 to $2.3
billion
First Solar, Inc. (Nasdaq: FSLR) today announced full year 2016
financial guidance.
Forecasted net sales for 2016 are $3.9 to $4.1 billion, with
solar power systems net sales expected to comprise 90% to 95% of
the total and third party module sales the remainder. Earnings per
share is forecasted to be $4.00 to $4.50 per share, including a
gain from the expected sale of an equity method investment and the
Company’s share of 8point3 earnings. The ending net cash balance is
projected to increase by the end of 2016 to $2.0 to $2.3 billion.
Capital expenditures of $300 to $400 million are higher than 2015
forecasted levels as the Company invests in further advancements in
its cost and technology roadmap.
The complete financial guidance is as follows:
2016 Guidance
Range
Net Sales
$3.9B to $4.1B
Gross Margin %
16% to 18%
Operating Expenses
$380M to $400M
Operating Income
$260M to $330M
Effective Tax Rate
16% to 18%
Earnings per Share1
$4.00 to $4.50
Net Cash Balance2
$2.0B to $2.3B
Operating Cash Flow3
$500M to $700M
Capital Expenditures
$300M to $400M
Shipments
2.9GW to 3.0GW
1 – Includes a gain of approximately $200 million from the
expected sale of an equity method investment and share of 8point3
earnings2 – Cash and marketable securities less expected debt at
the end of 20163 – Does not include approximately $450 million from
the expected sale of an equity method investment treated as an
investing cash flow
First Solar has scheduled a conference call for today, December
9, 2015, at 4:30 p.m. EST to discuss this announcement. A live
webcast of this conference call is available at
http://investor.firstsolar.com/events.cfm.
An audio replay of the conference call will also be available
approximately two hours after the conclusion of the call. The audio
replay will remain available until Wednesday, December 16, 2015, at
7:30 p.m. EST and can be accessed by dialing 888-203-1112 if you
are calling from within the United States or 719-457-0820 if you
are calling from outside the United States and entering the replay
pass code 5724553. A replay of the webcast will be available on the
Investors section of the Company’s website approximately two hours
after the conclusion of the call and remain available for
approximately 90 calendar days.
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: 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 (which may be impacted by
non-recurring items and charges outside the ordinary course of
business, which items and charges generally are not reflected in
the financial guidance provided herein), operating results,
revenues, gross margin, operating expenses, 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/20151209006439/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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