- Net sales of $532 million
- Net loss per share of $(0.64)
- Cash, restricted cash and marketable securities of $2.3 billion, net cash of $1.7 billion
- YTD net bookings of 2.3GWDC; 1.1GWDC since prior earnings call
- Raise 2019 net sales and net cash guidance; Maintain 2019 EPS guidance of $2.25 to $2.75
First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the first quarter ended March 31, 2019. Net sales for the first quarter were $532 million, a decrease of $159 million from the prior quarter, primarily due to lower systems project revenue in the United States and Japan.
The Company reported a first quarter loss per share of $(0.64), compared to earnings per share of $0.49 in the fourth quarter of 2018.
Cash, restricted cash and marketable securities at the end of the first quarter decreased to $2.3 billion from $2.7 billion at the end of the prior quarter, primarily as a result of ongoing capital investments in Series 6 manufacturing capacity, factory ramp activities and the timing of cash receipts from certain systems project sales.
"During the first quarter of 2019 we continued to realize advancements in Series 6 throughput and efficiency and we are particularly pleased with the start-up and ongoing ramp of our second facility in Vietnam," said Mark Widmar, CEO of First Solar. "Series 6 demand remains robust, and we are encouraged by the strong year-to-date bookings which are on track to exceed our targeted annual bookings-to-shipments ratio."
2019 guidance has been updated as a result of greater expected module and system sales, increased ramp related and EPC costs, and lower projected operating costs. The complete 2019 guidance is as follows:
1. Includes $45 to $55 million of ramp costs ($35 to $45 million previously)
2. Includes $70 to $80 million of production start-up expense ($75 to $85 million previously)
3. Defined as cash, restricted cash and marketable securities less expected debt at the end of 2019