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:
|
Prior |
Current |
Net Sales |
$2.4B to $2.6B |
$2.55B to $2.8B |
Gross Profit (1)(2) |
$155M to $215M |
$115M to $165M |
Operating Expenses (3) |
$365M to $380M |
$350M to $365M |
Operating Income (2)(4)(5) |
$55M to $150M |
$5M to $70M |
Earnings (Loss) per Diluted Share |
$0.00 to $0.60 |
$(0.25) to $0.25 |
Net Cash Balance (6) |
$1.1B to $1.35B |
$1.3B to $1.5B |
Capital Expenditures |
$850M to $1.1B |
Unchanged |
Shipments |
8.9GW to 9.4GW |
Unchanged |
——————————(1) Includes $10 million to $15
million of underutilization losses(2) Includes $40 million to $50
million of losses associated with a legacy systems business asset
in Chile(3) Includes $80 million to $85 million of production
start-up expense(4) Includes $90 million to $100 million of
production start-up expense and underutilization losses(5) Includes
$245 million pre-tax gain related to the sale of the Japan
project development and O&M platforms(6) Defined as cash,
marketable securities, and restricted cash less expected debt at
the end of 2022
The guidance figures presented above are
forward-looking statements that are subject to a variety of
assumptions and estimates. Investors are encouraged to listen to
the conference call and to review the accompanying materials, which
contain more information about First Solar’s second quarter 2022
financial results, 2022 guidance, and financial outlook.
Conference Call Details
First Solar has scheduled a conference call for
today, July 28, 2022 at 4:30 p.m. ET, to discuss this
announcement. A live webcast of this conference call and
accompanying materials are available at investor.firstsolar.com. An
audio replay of the conference call will be available through
Tuesday, August 27, 2022 and can be accessed by dialing
+1 (800) 770-2030 if you are calling from within the United
States or +1 (647) 362-9199 if you are calling from outside the
United States. A replay of the webcast will also be available on
the Investors section of the Company’s website approximately five
hours after the conclusion of the call and remain available for 90
days.
About First Solar, Inc.
First Solar is a leading American solar
technology company and global provider of responsibly-produced
eco-efficient solar modules advancing the fight against climate
change. Developed at research and development labs in California
and Ohio, the company’s advanced thin film photovoltaic (“PV”)
modules represent the next generation of solar technologies,
providing a competitive, high-performance, lower-carbon alternative
to conventional crystalline silicon PV panels. From raw material
sourcing and manufacturing through end-of-life module recycling,
First Solar’s approach to technology embodies sustainability and a
responsibility towards people and the planet. For more information,
please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements
which are made pursuant to safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical fact, are
forward-looking statements. These forward-looking statements
include, but are not limited to, statements concerning: demand for
our technology; our expected module shipment backlog; the
progression of our Japan operations and maintenance platform sale;
the anticipated sale of our Luz del Norte project in Chile; our
financial guidance for 2022, including future financial results,
operating results, net sales, gross margin, operating expenses,
operating income, earnings per share, loss per share, net cash
balance, capital expenditures, shipments, bookings, products and
our business and financial objectives for 2022; bookings momentum;
and the strength our backlog of future expected deliveries. These
forward-looking statements are often characterized by the use of
words such as “estimate,” “expect,” “anticipate,” “project,”
“plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,”
“likely,” “may,” “should,” “goal,” “target,” “might,” “will,”
“could,” “predict,” “continue,” “contingent” and the negative or
plural of these words and other comparable terminology.
Forward-looking statements are only predictions based on our
current expectations and our projections about future events and
therefore speak only as of the date of this release. You should not
place undue reliance on these forward-looking statements. We
undertake no obligation to update any of these forward-looking
statements for any reason, whether as a result of new information,
future developments or otherwise. These forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, levels of activity, performance
or achievements to differ materially from those expressed or
implied by our forward-looking statements. These factors include,
but are not limited to: structural imbalances in global supply and
demand for PV solar modules; our competitive position and other key
competitive factors; the market for renewable energy, including
solar energy; the reduction, elimination, expiration or
introduction of government subsidies, policies, and support
programs for solar energy projects; the impact of public policies,
such as tariffs or other trade remedies imposed on solar cells and
modules; the passage of proposed legislation intended to encourage
renewable energy investments through tax credits; interest rate
fluctuations and both our and our customers’ ability to secure
financing; changes in the exchange rates between the functional
currencies of our subsidiaries and other currencies in which assets
and liabilities are denominated; our ability to execute on our
long-term strategic plans; the loss of any of our large customers,
or the ability of our customers and counterparties to perform under
their contracts with us; our ability to execute on our solar module
technology and cost reduction roadmaps; our ability to improve the
wattage of our solar modules; the creditworthiness of our offtake
counterparties and the ability of our offtake counterparties to
fulfill their contractual obligations to us; the satisfaction of
conditions precedent in our sales agreements; our ability to
attract new customers and to develop and maintain existing customer
and supplier relationships; our ability to successfully develop and
complete our systems business projects; our ability to convert
existing production facilities to support new product lines, such
as Series 6 module manufacturing; general economic and business
conditions, including those influenced by U.S., international, and
geopolitical events; environmental responsibility, including with
respect to cadmium telluride (“CdTe”) and other semiconductor
materials; claims under our limited warranty obligations; changes
in, or the failure to comply with, government regulations and
environmental, health, and safety requirements; effects resulting
from pending litigation; future collection and recycling costs for
solar modules covered by our module collection and recycling
program; supply chain disruption, including the availability of
shipping containers, port congestion, canceled shipments by
logistic providers, and the cost of fuel, all of which may be
exacerbated by the COVID-19 pandemic and the Russia-Ukraine
conflict; our ability to protect our intellectual property; our
ability to prevent and/or minimize the impact of cyber-attacks or
other breaches of our information systems; our continued investment
in research and development; the supply and price of components and
raw materials, including CdTe; our ability to convert existing or
construct production facilities to support new product lines; our
ability to attract and retain key executive officers and
associates; the severity and duration of the COVID-19 pandemic,
including its potential impact on our business, financial
condition, and results of operations; and the matters discussed
under the captions “Risk Factors” and “Management’s Discussion and
Analysis of Financial Conditions and Results of Operations” of our
most recent Annual Report on Form 10-K and our subsequently filed
Quarterly Reports on Form 10-Q, as supplemented by our other
filings with the Securities and Exchange Commission.
Contacts
First Solar
Investorsinvestor@firstsolar.com
First Solar
Mediamedia@firstsolar.com
FIRST SOLAR,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands, except share
data)(Unaudited)
|
|
June 30,2022 |
|
December 31,2021 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash |
|
$ |
1,701,217 |
|
|
$ |
1,450,654 |
|
Marketable securities |
|
|
143,944 |
|
|
|
375,389 |
|
Accounts receivable trade, net |
|
|
454,431 |
|
|
|
429,436 |
|
Accounts receivable unbilled, net |
|
|
35,438 |
|
|
|
25,273 |
|
Inventories |
|
|
810,461 |
|
|
|
666,299 |
|
Other current assets |
|
|
237,926 |
|
|
|
244,192 |
|
Total current assets |
|
|
3,383,417 |
|
|
|
3,191,243 |
|
Property, plant and equipment,
net |
|
|
2,988,979 |
|
|
|
2,649,587 |
|
PV solar power systems,
net |
|
|
156,215 |
|
|
|
217,293 |
|
Project assets |
|
|
29,589 |
|
|
|
315,488 |
|
Deferred tax assets, net |
|
|
61,732 |
|
|
|
59,162 |
|
Restricted marketable
securities |
|
|
200,266 |
|
|
|
244,726 |
|
Goodwill |
|
|
14,462 |
|
|
|
14,462 |
|
Intangible assets, net |
|
|
38,728 |
|
|
|
45,509 |
|
Inventories |
|
|
239,025 |
|
|
|
237,512 |
|
Other assets |
|
|
306,956 |
|
|
|
438,764 |
|
Total assets |
|
$ |
7,419,369 |
|
|
$ |
7,413,746 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
160,963 |
|
|
$ |
193,374 |
|
Income taxes payable |
|
|
29,441 |
|
|
|
4,543 |
|
Accrued expenses |
|
|
344,205 |
|
|
|
288,450 |
|
Current portion of long-term debt |
|
|
5,150 |
|
|
|
3,896 |
|
Deferred revenue |
|
|
227,466 |
|
|
|
201,868 |
|
Other current liabilities |
|
|
36,329 |
|
|
|
34,747 |
|
Total current liabilities |
|
|
803,554 |
|
|
|
726,878 |
|
Accrued solar module
collection and recycling liability |
|
|
134,146 |
|
|
|
139,145 |
|
Long-term debt |
|
|
170,017 |
|
|
|
236,005 |
|
Other liabilities |
|
|
415,825 |
|
|
|
352,167 |
|
Total liabilities |
|
|
1,523,542 |
|
|
|
1,454,195 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock, $0.001 par value per share; 500,000,000 shares
authorized; 106,594,255 and 106,332,315 shares issued and
outstanding at June 30, 2022 and December 31, 2021,
respectively |
|
|
107 |
|
|
|
106 |
|
Additional paid-in capital |
|
|
2,868,945 |
|
|
|
2,871,352 |
|
Accumulated earnings |
|
|
3,197,005 |
|
|
|
3,184,455 |
|
Accumulated other comprehensive loss |
|
|
(170,230 |
) |
|
|
(96,362 |
) |
Total stockholders’ equity |
|
|
5,895,827 |
|
|
|
5,959,551 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,419,369 |
|
|
$ |
7,413,746 |
|
FIRST SOLAR,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
amounts)(Unaudited)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30,2022 |
|
March 31,2022 |
|
June 30,2021 |
|
|
June 30,2022 |
|
June 30,2021 |
Net sales |
|
$ |
620,955 |
|
|
$ |
367,040 |
|
|
$ |
629,180 |
|
|
|
$ |
987,995 |
|
|
$ |
1,432,554 |
|
Cost of sales |
|
|
644,155 |
|
|
|
355,577 |
|
|
|
455,062 |
|
|
|
|
999,732 |
|
|
|
1,073,669 |
|
Gross (loss) profit |
|
|
(23,200 |
) |
|
|
11,463 |
|
|
|
174,118 |
|
|
|
|
(11,737 |
) |
|
|
358,885 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
38,894 |
|
|
|
36,728 |
|
|
|
36,346 |
|
|
|
|
75,622 |
|
|
|
88,433 |
|
Research and development |
|
|
25,229 |
|
|
|
27,108 |
|
|
|
23,935 |
|
|
|
|
52,337 |
|
|
|
43,808 |
|
Production start-up |
|
|
13,231 |
|
|
|
7,338 |
|
|
|
1,715 |
|
|
|
|
20,569 |
|
|
|
13,069 |
|
Total operating expenses |
|
|
77,354 |
|
|
|
71,174 |
|
|
|
61,996 |
|
|
|
|
148,528 |
|
|
|
145,310 |
|
Gain on sales of businesses,
net |
|
|
245,381 |
|
|
|
1,907 |
|
|
|
(1,745 |
) |
|
|
|
247,288 |
|
|
|
149,150 |
|
Operating income (loss) |
|
|
144,827 |
|
|
|
(57,804 |
) |
|
|
110,377 |
|
|
|
|
87,023 |
|
|
|
362,725 |
|
Foreign currency loss,
net |
|
|
(2,984 |
) |
|
|
(4,198 |
) |
|
|
(1,000 |
) |
|
|
|
(7,182 |
) |
|
|
(3,595 |
) |
Interest income |
|
|
2,880 |
|
|
|
2,325 |
|
|
|
1,288 |
|
|
|
|
5,205 |
|
|
|
2,244 |
|
Interest expense, net |
|
|
(3,236 |
) |
|
|
(2,865 |
) |
|
|
(4,623 |
) |
|
|
|
(6,101 |
) |
|
|
(7,619 |
) |
Other (expense) income,
net |
|
|
(1,883 |
) |
|
|
(212 |
) |
|
|
(3,247 |
) |
|
|
|
(2,095 |
) |
|
|
5,201 |
|
Income (loss) before taxes |
|
|
139,604 |
|
|
|
(62,754 |
) |
|
|
102,795 |
|
|
|
|
76,850 |
|
|
|
358,956 |
|
Income tax (expense)
benefit |
|
|
(83,799 |
) |
|
|
19,499 |
|
|
|
(20,346 |
) |
|
|
|
(64,300 |
) |
|
|
(66,836 |
) |
Net income (loss) |
|
$ |
55,805 |
|
|
$ |
(43,255 |
) |
|
$ |
82,449 |
|
|
|
$ |
12,550 |
|
|
$ |
292,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.52 |
|
|
$ |
(0.41 |
) |
|
$ |
0.78 |
|
|
|
$ |
0.12 |
|
|
$ |
2.75 |
|
Diluted |
|
$ |
0.52 |
|
|
$ |
(0.41 |
) |
|
$ |
0.77 |
|
|
|
$ |
0.12 |
|
|
$ |
2.73 |
|
Weighted-average number of
shares used in per share calculations: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
106,586 |
|
|
|
106,412 |
|
|
|
106,313 |
|
|
|
|
106,500 |
|
|
|
106,201 |
|
Diluted |
|
|
107,056 |
|
|
|
106,412 |
|
|
|
106,836 |
|
|
|
|
106,965 |
|
|
|
106,866 |
|
First Solar (NASDAQ:FSLR)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
First Solar (NASDAQ:FSLR)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024