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First Solar, Inc. (FSLR) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

First Solar, Inc.

CIK: 1274494 Ticker: FSLR


EXHIBIT 99.1
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News Release

First Solar, Inc. Announces Third Quarter 2018 Financial Results
Net sales of $676 million
Net income per share of $0.54
Cash and marketable securities of $2.7 billion, net cash of $2.3 billion
YTD net bookings of 5.2GWDC; 1.1GWDC booked since prior earnings call
Series 6 commercial shipments commenced from third factory location
Earnings guidance lowered primarily due to timing of systems project sale

TEMPE, Ariz., October 25, 2018 First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter of 2018. Net sales for the third quarter were $676 million, an increase of $367 million from the prior quarter primarily due to ongoing construction activities at the California Flats project and the sale of the Willow Springs and Manildra projects.

The Company reported third quarter earnings per share of $0.54, compared to a loss per share of $(0.46) in the second quarter. Net income increased compared to the prior quarter primarily due to improved net sales, the mix of higher gross profit projects, and lower operating expenses.

Cash and marketable securities at the end of the third quarter decreased to $2.7 billion from $3.1 billion at the end of the second quarter. The decrease primarily resulted from ongoing capital investments in Series 6 manufacturing capacity, ongoing factory ramp activities and the timing of cash receipts from certain systems project sales.

“We had good execution in the third quarter as we closed the sales of certain key projects and delivered solid financial results,” said Mark Widmar, CEO of First Solar. “In addition, with the start of Series 6 production at our Vietnam factory we now have three locations manufacturing our most advanced product. Demand for Series 6 continues to be resilient as demonstrated by bookings of 1.1GWDC since our prior earnings call. This brings our total contracted volume to 11.3GWDC and provides us with a strong competitive advantage as we move forward.”

Guidance ranges for 2018 have been updated as a result of lower expected module sales, higher manufacturing ramp costs and the revised expectation that the Ishikawa project in Japan will now be sold in 2019. The complete update to 2018 guidance is as follows:
2018 GAAP Guidance
Prior
Current
Net Sales
$2.5B to $2.6B
$2.3B to $2.4B
Gross Margin % (1)
20.5% to 21.5%
18.5% to 19.5%
Operating Expenses (2)
$390M to $400M
$345M to $355M
Operating Income
$120M to $160M
$90M to $110M
Earnings per Share
$1.50 to $1.90
$1.40 to $1.60
Net Cash Balance (3)
$2.2B to $2.4B
$2.0B to $2.2B
Operating Cash Flow
$100M to $200M
$(100M) to $0M
Capital Expenditures
$800M to $900M
Unchanged
Shipments
2.8GW to 2.9GW
2.6GW to 2.7GW
——————————
(1)
Includes approximately $100 million of ramp costs
(2)
Includes approximately $90 million of production start-up expense
(3)
Defined as cash and marketable securities less expected debt at the end of 2018



1
www.firstsolar.com


The following information was filed by First Solar, Inc. (FSLR) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside First Solar, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
1. Basis Of Presentation
10. Debt
10. Debt (Details)
10. Debt (Tables)
11. Commitments And Contingencies
11. Commitments And Contingencies (Details) - Commercial Commitments
11. Commitments And Contingencies (Details) - Contingent Consideration
11. Commitments And Contingencies (Details) - Indemnifications
11. Commitments And Contingencies (Details) - Performance Guarantees
11. Commitments And Contingencies (Details) - Product Warranties
11. Commitments And Contingencies (Details) - Solar Module Collection And Recycling Liability
11. Commitments And Contingencies (Details) - Supply Agreements
11. Commitments And Contingencies (Tables)
12. Revenue From Contracts With Customers (Details)
12. Revenue From Contracts With Customers (Notes)
12. Revenue From Contracts With Customers (Tables)
13. Share-Based Compensation
13. Share-Based Compensation (Details)
13. Share-Based Compensation (Tables)
14. Income Taxes
14. Income Taxes (Details)
15. Net Income Per Share
15. Net Income Per Share (Details)
15. Net Income Per Share (Tables)
16. Accumulated Other Comprehensive (Loss) Income (Details)
16. Accumulated Other Comprehensive (Loss) Income (Notes)
16. Accumulated Other Comprehensive (Loss) Income (Tables)
17. Segment Reporting
17. Segment Reporting (Details)
17. Segment Reporting (Tables)
2. Recent Accounting Pronouncements
3. Restructuring And Asset Impairments (Details)
3. Restructuring And Asset Impairments (Notes)
4. Cash, Cash Equivalents, And Marketable Securities
4. Cash, Cash Equivalents, And Marketable Securities (Details) - Cash, Cash Equivalents, And Marketable Securities
4. Cash, Cash Equivalents, And Marketable Securities (Details) - Marketable Securities
4. Cash, Cash Equivalents, And Marketable Securities (Tables)
5. Restricted Cash And Investments
5. Restricted Cash And Investments (Details) - Available For Sale Securities
5. Restricted Cash And Investments (Details) - Restricted Cash And Restricted Investments
5. Restricted Cash And Investments (Tables)
6. Consolidated Balance Sheet Details
6. Consolidated Balance Sheet Details (Details)
6. Consolidated Balance Sheet Details (Tables)
7. Derivative Financial Instruments
7. Derivative Financial Instruments (Details) - Hedging Relationship
7. Derivative Financial Instruments (Details) - Risk Management
7. Derivative Financial Instruments (Details) - Summary
7. Derivative Financial Instruments (Details) - Transaction Exposure
7. Derivative Financial Instruments (Tables)
8. Fair Value Measurements
8. Fair Value Measurements (Details)
8. Fair Value Measurements (Details) - Balance Sheet Grouping
8. Fair Value Measurements (Tables)
9. Equity Method Investments (Details)
9. Equity Method Investments (Notes)
9. Equity Method Investments (Tables)

Material Contracts, Statements, Certifications & more

First Solar, Inc. provided additional information to their SEC Filing as exhibits

Ticker: FSLR
CIK: 1274494
Form Type: 10-Q Quarterly Report
Accession Number: 0001274494-18-000046
Submitted to the SEC: Thu Oct 25 2018 9:58:06 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Semiconductors And Related Devices

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