First Solar, Inc. Announces Third Quarter 2022 Financial Results – EQ Mag Pro
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Net sales of $629 million
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Net loss per diluted share of $0.46
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Cash, cash equivalents, restricted cash, and marketable securities of $1.9 billion
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YTD net bookings of 43.7 GW DC
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16.6 GW DC of net bookings since prior earnings call
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Record expected module shipment backlog of over 58 GW DC
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Reduce FY 2022 earnings guidance primarily to reflect unforeseen logistics costs
TEMPE, Ariz. : First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter ended September 30, 2022.
Net sales for the third quarter were $629 million, an increase of $8 million from the prior quarter, primarily due to increased module sales.
Operating loss for the third quarter was $68 million, compared to operating income of $145 million in the prior quarter. Third quarter operating income decreased primarily due to a gain on the sale of the Company’s Japan project development platform recorded in the prior quarter and higher logistics charges in the third quarter.
The Company reported a third quarter loss per diluted share of $0.46, compared to income per diluted share of $0.52 in the prior quarter.
Cash, cash equivalents, restricted cash, and marketable securities at the end of the third quarter remained at $1.9 billion, consistent with the prior quarter. Capital expenditures for Series 7 expansions were funded by operating cash flows and disbursements under the Company’s credit facility with the U.S. International Development Finance Corporation supporting the financing of the India manufacturing plant.
“Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational,” said Mark Widmar, CEO of First Solar. “This year we have developed the potential for our CdTe semiconductor technology by progressing our next-generation Series 7 and bifacial platforms, set in motion plans to scale our global manufacturing capacity to over 20 GWDC by 2025, and secured record year-to-date bookings of 43.7 GWDC with deliveries extending into 2027.”
The complete 2022 guidance has been updated as follows:
(1) Includes $10 million to $15 million of underutilization losses
(2) Includes $45 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, cash equivalents, marketable securities, and restricted cash less expected debt at the end of 2022
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.
