Press release
First Solar, Inc. Announces Second Quarter 2022 Financial Results
Net sales of $621 millionNet income per diluted share of $0.52Cash, restricted cash, and marketable securities of $1.9 billionYTD net bookings of 27.1
About this update from First Solar, Inc.
[{"type":"text","content":"Net sales of $621 millionNet income per diluted share of $0.52Cash, restricted cash, and marketable securities of $1.9 billionYTD net bookings of 27.1 GWDC10.4 GWDC of net bookings since prior earnings call have a base Average Selling Price (ASP), prior to the application of pricing adjustors, of $0.301 per wattRecord expected module shipment backlog of over 44 GWDCEarnings guidance lowered due to legacy systems business asset impairment in Chile and Japanese Yen devaluation TEMPE, Ariz., July 28, 2022 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the second quarter ended June 30, 2022. Net sales for the second quarter were $621 million, an increase of $254 million from the prior quarter, primarily due to increased module sales. Operating income for the second quarter was $145 million, compared to an operating loss of $58 million in the prior quarter. Second quarter operating income increased primarily due to increased module sales volume and a gain on the sale of the Company’s Japan project development platform, partially offset by an impairment associated with a legacy systems business asset in Chile. The Company reported second quarter income per diluted share of $0.52, compared to a loss per diluted share of $0.41 in the prior quarter. Cash, restricted cash, and marketable securities at the end of the second quarter increased to $1.9 billion from $1.6 billion at the end of the prior quarter. The increase was primarily due to proceeds from the sale of the Company’s Japan project development platform. “We are pleased with our second quarter results,” said Mark Widmar, CEO of First Solar. “Our competitive differentiators, including our technology, agile contracting, certainty, and the promise of responsibly-produced solar, have sustained our bookings momentum and continue to drive demand. We now have a record backlog of over 44 GWs, extending the horizon for future expected deliveries to 2026. The 10.4 GWs of new bookings since our prior earnings call in April brings our total year-to-date bookings to 27.1 GWs.” The complete 2022 guidance has been updated as follows: PriorCurrentNet Sales$2.4B to $2.6B$2.55B to $2.8BGross Profit (1)(2)$155M to $215M$115M to $165MOperating Expenses (3)$365M to $380M$350M to $365MOperating Income (2)(4)(5)$55M to $150M$5M to $70MEarnings (Loss) per Dil...