First Solar, Inc. today announced financial results for the third quarter ended September 30, 2019. Net sales for the third quarter were $547 million, a decrease of $38 million from the prior quarter, primarily due to lower systems revenue from project sales in the United States, partially offset by higher module sales volume.
The Company reported third quarter net income per share of $0.29, compared to a loss per share of $(0.18) in the prior quarter.
Cash, restricted cash and marketable securities at the end of the third quarter decreased to $1.6 billion from $2.1 billion at the end of the prior quarter, primarily as a result of higher expenditures for the development and construction of project assets and continued capital investments in Series 6 manufacturing capacity.
“We’re pleased with the ongoing progress of our Series 6 technology platform,” said Mark Widmar, CEO of First Solar. “Capacity utilization, throughput and yield continue to improve, resulting in record Series 6 production of approximately 1 GW in the quarter.”
2019 guidance has been updated as follows:
- Includes $70 to $80 million of ramp costs ($60 to $70 million previously)
- Includes $40 to $50 million of production start-up expense ($55 to $65 million previously)
- Defined as cash, restricted cash and marketable securities less expected debt at the end of 2019
First Solar has scheduled a conference call for today, October 24, 2019 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com.
The guidance figures presented above are subject to a variety of assumptions and estimates. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar’s third quarter financial results and 2019 guidance.
An audio replay of the conference call will be available approximately two hours after the conclusion of the call. The audio replay will remain available through Thursday, October 31, 2019 and can be accessed by dialing +1 (800) 585-8367 if you are calling from within the United States or +1 (416) 621-4642 if you are calling from outside the United States and entering the replay pass code 8984796. A replay of the webcast will also be available on the Investors section of the Company’s website approximately five hours after the conclusion of the call and remain available for approximately 90 days.