First Solar, Inc. Announces First Quarter 2013 Financial Results
May 6, 2013
Net sales of $755 million
Non-GAAP EPS of $0.69 per fully diluted share
GAAP EPS of $0.66 per fully diluted share
Cash and Marketable Securities of $1 billion
Maintains full-year 2013 guidance
TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter of 2013. Net sales were $755 million in the quarter, a decrease of $320 million from the fourth quarter of 2012 and an increase of $258 million from the first quarter of 2012. The decrease in net sales from the fourth quarter of 2012 was primarily due to less revenue recognition from our systems business projects primarily related to the Topaz project, while the increase over the first quarter of 2012 was primarily due to higher sales volumes for third-party module sales and an increase in revenue from systems projects.
The Company reported first quarter net income per fully diluted share of $0.66, compared to $1.74 in the fourth quarter of 2012 and a loss of $5.20 in the first quarter of 2012, which included $444 million in pre-tax restructuring charges and costs in excess of normal warranty. The first quarter of 2013 was impacted by pre-tax restructuring charges of $2 million (reducing EPS by $0.03), compared to $25 million (reducing EPS by $0.30) in the fourth quarter of 2012. In both cases the pre-tax charges related to previously announced restructuring actions. The sequential decrease in earnings was primarily due to higher revenue recognition for Topaz in the fourth quarter of 2012, temporary construction delays at the AVSR project, and previously planned lower manufacturing utilization as the Company accelerated efforts to upgrade production lines, which is expected to enable the Company to achieve near term targets on its module cost and efficiency improvement roadmaps.
Cash and Marketable Securities at the end of the first quarter were approximately $1 billion, esse
Solar Stocks Paying for First Solar’s Miss: Suntech Power, MEMC Electronic Materials, , GT Advanced Technologies, Trina Solar, JA Solar Holdings
Posted : May 07, 2013
Solar stocks declined sharply after First Solar, Inc. (NASDAQ:FSLR) missed earnings after the close of business on Monday and its paying dearly for the disappointment. It was not long ago when First Solar gained nearly 50%, on April 9, after issuing an extremely hopeful, some would say aggressive, forecast for the next few years at their investor day meeting. Investors seem reacting on failure of the company to back up their talk. The company gave a boost to China’s solar stocks last month, and now they’re paying for its miss.
FSLR was down 9% to $43.50.
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