UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 9, 2015
FIRST SOLAR, INC.
(Exact name of registrant as specified in its charter)
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Delaware (State or other jurisdiction of incorporation) | | 001-33156 (Commission File Number) | | 20-4623678 (I.R.S. Employer Identification No.) |
350 West Washington Street
Suite 600
Tempe, Arizona 85281
(Address of principal executive offices, including zip code)
(602) 414-9300
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On November 9, 2015, First Solar, Inc. is issuing a press release regarding its final financial results for the third quarter ended September 30, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
The information in this Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
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Exhibit Number | | Description |
99.1 | | Press Release of First Solar, Inc. dated November 9, 2015 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| FIRST SOLAR, INC. |
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Dated: November 9, 2015 | By: | | /s/ PAUL KALETA |
| Name: | | Paul Kaleta |
| Title: | | Executive Vice President and General Counsel |
EXHIBIT 99.1
First Solar, Inc. Announces Third Quarter 2015 Financial Results
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• | Record Quarterly net sales of $1.3 billion |
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• | Record Quarterly GAAP earnings per fully diluted share of $3.41 |
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• | Cash and marketable securities of $1.8 billion, net cash of $1.5 billion |
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• | Affirms 2015 EPS guidance of $4.30 to $4.50 |
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• | Record 1.7GWdc of new bookings; Record annual bookings of 3.1GWdc year-to-date |
TEMPE, Ariz., Nov 9, 2015 - 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, which was filed today, 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 filed today 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.
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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 |
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1. | Includes $80M benefit ($70M Gross Margin, $10M Opex) for a reduction in EOL obligation. EPS impact is $0.60 |
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2. | Cash & Marketable securities less debt at end of 2015 |
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3. | 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.
Contacts
First Solar Investors
Steve Haymore
+1 602 414-9315
stephen.haymore@firstsolar.com
First Solar Media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com
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