-
Net sales of $469 million
-
GAAP loss per fully diluted share of ($0.62)
-
Cash and marketable securities of $1.5 billion, net cash of $1.2
billion
-
593MWdc of new bookings. Year to date
bookings of 905MWdc
-
16.3% lead line efficiency at end of April. 15.6% average lead line
efficiency for Q1
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) today announced financial results for
the first quarter of 2015. Net sales were $469 million in the quarter, a
decrease of $539 million from the fourth quarter of 2014. The sequential
decrease in net sales resulted from retaining projects which would
otherwise have generated revenue in anticipation of the Company's
announced plans to pursue a YieldCo. In addition, delays on multiple
projects in the current quarter, a higher mix of module only sales and
the sale of the SolarGen 2 project in the prior quarter contributed to
the lower revenue.
The Company reported a first quarter GAAP loss per fully diluted share
of ($0.62), compared to earnings of $1.89 in the prior quarter. The
decrease in net income compared to the prior quarter was due to lower
revenue, the mix of systems projects under construction and a higher
proportion of module only and module plus sales.
Cash and marketable securities at the end of the first quarter were
approximately $1.5 billion, a decrease of approximately $507 million
compared to the prior quarter. Cash flows used in operations were $418
million in the first quarter. The decrease in cash and marketable
securities during the quarter was due also to the increase in project
construction on balance sheet in preparation for a YieldCo launch.
"As anticipated, the first quarter was a transitional period as we
executed on our plans to form 8point3 Energy Partners," said Jim Hughes,
CEO of First Solar. "We continue to enhance the overall strength of our
business with our lead line now running at 16.3% efficiency and our
announced strategic alliance with Caterpillar."
The Company also provided guidance for the second quarter of 2015 as
follows:
-
Net Sales of $750 to $850 million
-
Earnings of $0.45 to $0.55 per fully diluted share, including a
non-recurring tax benefit of approximately $0.40
-
Cash flow used in operating activities of ($250) to ($350) million
First Solar has scheduled a conference call for today, April 30, 2015 at
5:00 p.m. ET 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, May 6, 2015 at 7:30 p.m.
ET 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 3108257. 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, operating
results, revenues, gross margin, operating expenses, products, projected
costs, warranties, solar module efficiency and balance of systems cost
reduction roadmaps, product reliability 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.
*Earnings per share guidance excludes impact related to potential
8point3 Energy Partners IPO transaction occurring in Q2
|
|
|
|
|
|
|
FIRST SOLAR, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands, except share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
December 31,
2014
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
779,908
|
|
|
$
|
1,482,054
|
|
Marketable securities
|
|
704,674
|
|
|
509,032
|
|
Accounts receivable trade, net
|
|
254,217
|
|
|
135,434
|
|
Accounts receivable, unbilled and retainage
|
|
81,587
|
|
|
76,971
|
|
Inventories
|
|
496,599
|
|
|
505,088
|
|
Balance of systems parts
|
|
119,959
|
|
|
125,083
|
|
Deferred project costs
|
|
311,118
|
|
|
29,354
|
|
Deferred tax assets, net
|
|
73,419
|
|
|
91,565
|
|
Assets held for sale
|
|
20,728
|
|
|
20,728
|
|
Notes receivable, affiliate
|
|
44,210
|
|
|
12,487
|
|
Prepaid expenses and other current assets
|
|
263,284
|
|
|
202,670
|
|
Total current assets
|
|
3,149,703
|
|
|
3,190,466
|
|
Property, plant and equipment, net
|
|
1,368,443
|
|
|
1,402,304
|
|
PV solar power systems, net
|
|
45,723
|
|
|
46,393
|
|
Project assets and deferred project costs
|
|
833,154
|
|
|
810,348
|
|
Deferred tax assets, net
|
|
210,536
|
|
|
222,326
|
|
Restricted cash and investments
|
|
421,875
|
|
|
407,053
|
|
Investments in unconsolidated affiliates and joint ventures
|
|
257,321
|
|
|
255,029
|
|
Goodwill
|
|
84,985
|
|
|
84,985
|
|
Other intangibles, net
|
|
118,364
|
|
|
119,236
|
|
Inventories
|
|
115,578
|
|
|
115,617
|
|
Note receivable, affiliate
|
|
9,127
|
|
|
9,127
|
|
Other assets
|
|
59,865
|
|
|
61,555
|
|
Total assets
|
|
$
|
6,674,674
|
|
|
$
|
6,724,439
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
202,755
|
|
|
$
|
214,656
|
|
Income taxes payable
|
|
2,882
|
|
|
1,727
|
|
Accrued expenses
|
|
436,913
|
|
|
388,156
|
|
Current portion of long-term debt
|
|
42,123
|
|
|
51,918
|
|
Billings in excess of costs and estimated earnings
|
|
171,331
|
|
|
195,346
|
|
Payments and billings for deferred project costs
|
|
71,639
|
|
|
60,591
|
|
Other current liabilities
|
|
57,263
|
|
|
88,702
|
|
Total current liabilities
|
|
984,906
|
|
|
1,001,096
|
|
Accrued solar module collection and recycling liability
|
|
236,155
|
|
|
246,307
|
|
Long-term debt
|
|
200,386
|
|
|
165,003
|
|
Other liabilities
|
|
266,121
|
|
|
284,546
|
|
Total liabilities
|
|
1,687,568
|
|
|
1,696,952
|
|
Commitments and contingencies
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock, $0.001 par value per share; 500,000,000 shares
authorized; 100,791,414 and 100,288,942 shares issued and
outstanding at March 31, 2015 and December 31, 2014, respectively
|
|
101
|
|
|
100
|
|
Additional paid-in capital
|
|
2,698,134
|
|
|
2,697,558
|
|
Accumulated earnings
|
|
2,217,397
|
|
|
2,279,689
|
|
Accumulated other comprehensive income
|
|
71,474
|
|
|
50,140
|
|
Total stockholders' equity
|
|
4,987,106
|
|
|
5,027,487
|
|
Total liabilities and stockholders' equity
|
|
$
|
6,674,674
|
|
|
$
|
6,724,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST SOLAR, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2015
|
|
2014
|
|
Net sales
|
|
$
|
469,209
|
|
|
$
|
950,158
|
|
|
Cost of sales
|
|
430,228
|
|
|
713,447
|
|
|
Gross profit
|
|
38,981
|
|
|
236,711
|
|
|
Operating expenses:
|
|
|
|
|
|
Research and development
|
|
34,756
|
|
|
38,773
|
|
|
Selling, general and administrative
|
|
67,688
|
|
|
58,664
|
|
|
Production start-up
|
|
6,650
|
|
|
—
|
|
|
Total operating expenses
|
|
109,094
|
|
|
97,437
|
|
|
Operating (loss) income
|
|
(70,113
|
)
|
|
139,274
|
|
|
Foreign currency loss, net
|
|
(1,596
|
)
|
|
(579
|
)
|
|
Interest income
|
|
5,064
|
|
|
4,321
|
|
|
Interest expense, net
|
|
(194
|
)
|
|
(410
|
)
|
|
Other expense, net
|
|
(1,259
|
)
|
|
(1,774
|
)
|
|
(Loss) income before taxes and equity in earnings of unconsolidated
affiliates
|
|
(68,098
|
)
|
|
140,832
|
|
|
Income tax benefit (expense)
|
|
5,980
|
|
|
(28,853
|
)
|
|
Equity in earnings of unconsolidated affiliates, net of tax
|
|
(174
|
)
|
|
28
|
|
|
Net (loss) income
|
|
$
|
(62,292
|
)
|
|
$
|
112,007
|
|
|
Net (loss) income per share:
|
|
|
|
|
|
Basic
|
|
$
|
(0.62
|
)
|
|
$
|
1.12
|
|
|
Diluted
|
|
$
|
(0.62
|
)
|
|
$
|
1.10
|
|
|
Weighted-average number of shares used in per share calculations:
|
|
|
|
|
|
Basic
|
|
100,375
|
|
|
99,591
|
|
|
Diluted
|
|
100,375
|
|
|
101,822
|
|
|
|
|
|
|
|
|
|
First Solar Investors
David Brady
+1 602-414-9315
dbrady@firstsolar.com
or
Steve
Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com
or
First
Solar Media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com
Source: First Solar, Inc.
News Provided by Acquire Media