Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/html/wp-includes/functions.php on line 6260 First Solar Announces First Quarter 2016 Financial Results - Ink World Magazine

What are you searching for?

Sign in
Flexible Electronics News

First Solar Announces First Quarter 2016 Financial Results

Company records net sales of $848 million, earnings per share of $1.66.

Author Image

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 of 2016. Net sales were $848 million in the quarter, a decrease of $94 million from the fourth quarter of 2015. The decrease in net sales from the prior quarter was primarily due to the timing of systems revenue recognition across multiple projects, partially offset by higher revenue from the Desert Stateline project. In addition, net sales from module plus offerings decreased versus the fourth quarter.

The increase in Desert Stateline revenue in the first quarter resulted from an amendment to the original sale agreement with Southern Company to include an additional 15% interest in the project. This amendment did not impact expected full year 2016 earnings, but did accelerate the timing of certain earnings, relative to prior expectations, from the second half of the year to the first quarter.

The company reported first quarter earnings per share of $1.66, compared to $1.60 in the prior quarter. The increase in net income versus the fourth quarter resulted from higher Desert Stateline revenue, systems cost improvements and a one-time gain on the sale of certain restricted investments.

Cash and marketable securities at the end of the first quarter increased to $1.9 billion. Cash flows from operations were $50 million in the first quarter.

“Our first quarter results represent a very strong start to 2016,” said Jim Hughes, CEO of First Solar. “The sale of additional economic interests in our Stateline project further strengthens our relationship with a strategic business partner, and the transaction provides greater flexibility for future dropdowns to 8point3.”

Add us as a preferred source on Google

Get the latest Ink World magazine news, insights and analysis in your Google Search and AI experiences.

Add Ink World magazine as a preferred source on Google (opens in a new tab)

Keep Up With Our Content. Subscribe To Ink World magazine Newsletters