Press release
First Solar, Inc. Announces First Quarter 2020 Financial Results
Net sales of $532 millionNet income per share of $0.85Cash, restricted cash, and marketable securities of $1.6 billion, net cash of $1.1 billion1.1 GWDC of
About this update from First Solar, Inc.
[{"type":"text","content":"Net sales of $532 millionNet income per share of $0.85Cash, restricted cash, and marketable securities of $1.6 billion, net cash of $1.1 billion1.1 GWDC of bookings since prior earnings call, including 0.7 GWDC of systems bookingsFleet-wide capacity utilization of over 100% during March and AprilWithdraws previous full-year 2020 financial and operational guidanceIssues full-year 2020 module production, operating expenses, and capital expenditure guidance TEMPE, Ariz., May 07, 2020 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter ended March 31, 2020 and provided an update on its response to the COVID-19 pandemic. During the first quarter of 2020, the Company responded to the COVID-19 global health crisis, swiftly implementing measures designed to protect the well-being of its associates and to ensure that its technology is safely manufactured and delivered to its customers.\n “In meeting the clean energy needs of the global economy, we will continue to balance our top priority of safety with delivering value to each of our stakeholders,” said Mark Widmar, CEO of First Solar. “We recognize the challenges that our associates and their families are facing in these uncertain times, and are very proud of the dedication, focus, and commitment that we have witnessed from each First Solar associate over the past two months. It is during challenging times like these that our culture of agility, collaboration, and accountability shines through.” “Despite the uncertain economic environment, demand for our Series 6 product remains strong, as evidenced by the 1.1 GWDC of net-bookings since our prior earnings call. We continue to meet this demand with well-coordinated operational execution from our diverse Series 6 manufacturing footprint in Ohio, Malaysia, and Vietnam.” Net sales for the first quarter were $532 million, a decrease of $867 million from the prior quarter, primarily due to lower systems revenue from U.S. project sales during the quarter and record module shipments during the fourth quarter of 2019. The Company reported first quarter net income per share of $0.85, compared to a net loss per share of $(0.56) in the fourth quarter of 2019. Cash, restricted cash, and marketable securities at the end of the first quarter decreased to $1.6 billion from $2.3 billion at the en...