First Solar, Inc. today announced financial results for the second quarter of 2015. Net sales were $896 million in the quarter, an increase of $427 million from the first quarter of 2015. The increase in net sales from the prior quarter resulted from increased revenue recognition on the Silver State South project and the sale of majority interests in the North Star and Lost Hills-Blackwell projects.
"In combination with year-to-date bookings of 1.4GW and full year earnings guidance of over three dollars per share, we continue to execute across all elements of our business."
The Company reported second quarter GAAP earnings per fully diluted share of $0.93, compared to a loss of ($0.62) in the prior quarter. The sequential increase in net income was due to higher systems project revenue, project cost improvements and a discrete tax benefit in the second quarter of approximately $42 million.
Cash and marketable securities at the end of the second quarter were approximately $1.8 billion, an increase of approximately $291 million compared to the prior quarter. The increase in cash and marketable securities during the quarter was due to receipts from the sale of majority interests in the North Star and Lost Hills-Blackwell projects as well as proceeds received in conjunction with the 8point3 Energy Partners IPO.
"We achieved significant financial and technological milestones this past quarter with the IPO of 8point3 Energy Partners and a new record module conversion efficiency of 18.6%," said Jim Hughes, CEO of First Solar. "In combination with year-to-date bookings of 1.4GW and full year earnings guidance of over three dollars per share, we continue to execute across all elements of our business."
The Company is providing guidance for 2015 as follows:
1 - Includes $42 million benefit from discrete tax item in Q2 2015
2 - Cash & Marketable securities less debt at end of 2015
3 - Expected increase in working capital from December 31, 2014
4 - Includes $0.16 of equity in earnings, primarily related to ownership interest in 8point3