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First Solar Announces 1Q 2019 Financial Results

Net sales for the first quarter were $532 million, a decrease of $159 million from the prior quarter.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

First Solar, Inc. 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 US 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.”
 
 

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