Press release
First Solar, Inc. Announces Second Quarter 2020 Financial Results
Net sales of $642 millionNet income per share of $0.35Cash, restricted cash, and marketable securities of $1.6 billion, net cash of $1.2 billion0.8 GWDC of
About this update from First Solar, Inc.
[{"type":"text","content":"Net sales of $642 millionNet income per share of $0.35Cash, restricted cash, and marketable securities of $1.6 billion, net cash of $1.2 billion0.8 GWDC of bookings since prior earnings call, including 0.5 GWDC of systems bookingsStrong Series 6 Production; fleet-wide capacity utilization of over 100% during May, June, and JulyMaintain 2020 module production and capital expenditures guidance TEMPE, Ariz., Aug. 06, 2020 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the second quarter ended June 30, 2020.\n “We remain pleased with our operational performance with strong metrics across the board,” said Mark Widmar, CEO of First Solar. “Our COVID-19 response continues to center on balancing our top priority of safety with meeting our commitments to our customers. This approach, together with our associates’ dedication, and the strengths of our differentiated business model, enabled us to deliver solid financial results for the second quarter.” Net sales for the second quarter were $642 million, an increase of $110 million from the prior quarter, primarily due to the sale of the American Kings project. The Company reported second quarter net income per share of $0.35, compared to net income per share of $0.85 in the first quarter of 2020. Cash, restricted cash, and marketable securities at the end of the second quarter totaled $1,642 million, an increase of $44 million from the prior quarter, primarily due to cash collections on systems projects in the United States and module segment operating cash flows. This was partially offset by capital expenditures during the quarter. Full-Year 2020 Module Production, Operating Expenses, and Capital Expenditure Guidance As of the date of this release, the Company and its financial results have not been materially impacted by COVID-19. However, given the significant uncertainties that remain regarding the severity and duration of the pandemic and its impact on the Company’s operations and financial results, as well as on energy and capital markets, the Company is continuing to provide limited guidance that it believes is largely within its control or within reasonable line of sight at this time. Module production: 5.9 GWDC, including 5.7 GWDC of Series 6 and 0.2 GWDC of Series 4Operating expenses: $345 to $365 million (including $45 to $55 million of...