Press release
First Solar, Inc. Announces Third Quarter 2021 Financial Results
Net sales of $584 millionNet income per diluted share of $0.42Cash, cash equivalents, restricted cash, and marketable securities of $1.9 billionThird quarter
About this update from First Solar, Inc.
[{"type":"text","content":"Net sales of $584 millionNet income per diluted share of $0.42Cash, cash equivalents, restricted cash, and marketable securities of $1.9 billionThird quarter production of 2.0 GWDC despite challenging freight and COVID-19 environmentIncreased top production bin to 465 watts, representing 19% glass area efficiencyStarted construction and purchased equipment for our next-generation factories in Ohio and IndiaYTD net bookings of 10.5 GWDC; 1.5 GWDC since prior earnings callMaintain 2021 EPS guidance of $4.00 to $4.60 TEMPE, Ariz., Nov. 04, 2021 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter ended September 30, 2021. “I would like to thank our associates for their dedication and continued execution during the third quarter,” said Mark Widmar, CEO of First Solar. “Operationally, despite the challenging freight and COVID-19 environment our manufacturing team continues to deliver on their commitments. In the third quarter we produced 2.0 GWDC of modules, and in October we increased our top production bin to 465 watts. In parallel we started construction of the building for our third Ohio factory, and began ordering equipment for our first factory in India. Commercially, we had a good quarter, increasing our record year-to-date bookings to 10.5 GWDC. From a financial standpoint, while extended transit times for ocean freight impacted our third quarter results, we are reiterating our 2021 EPS guidance.” Net sales for the third quarter were $584 million, a decrease of $46 million from the prior quarter, primarily due to lower systems segment revenue, which was partially offset by an increase in module segment revenue. Operating income for the third quarter was $51 million. Third quarter operating income included depreciation and amortization of $66 million, underutilization and production start-up of $9 million, and share-based compensation of $6 million. Net income per diluted share for the third quarter was $0.42, compared to $0.77 in the prior quarter. Cash, cash equivalents, restricted cash, and marketable securities at the end of the third quarter totaled $1.9 billion, a decrease of $111 million from the prior quarter. This decrease was primarily due to capital expenditures and reinvestment of restricted cash, which was partially offset by operating cash flows and collecti...