First Solar Announces 3Q 2017 Financial Results

First Solar, Inc. announced financial results for the third quarter of 2017. Net sales for the third quarter were $1.1 billion, an increase of $464 million from the prior quarter primarily due to the sale of the California Flats and Cuyama projects, and higher third-party module sales.
 
The company reported third quarter earnings per share (EPS) of $1.95, compared to EPS of $0.50 in the prior quarter. Net income increased versus the prior quarter primarily as a result of higher net sales, improved gross margin and lower restructuring charges.
 
Cash and marketable securities at the end of the third quarter increased to $2.7 billion from $2.2 billion in the prior quarter. The increase primarily resulted from cash received from projects sold in the third quarter. Cash flow from operations was $581 million in the third quarter.
 
“Third quarter results were highlighted by record bookings and strong earnings resulting from the sale of our California Flats project,” said Mark Widmar, CEO of First Solar. “Our 4.5GWdc of bookings demonstrates both the robust market demand for our Series 4 and Series 6 module technology, and the acceleration of procurement timing by certain customers. Closing the sale of our California Flats project was also an important milestone toward achieving our financial guidance for the year. While we are pleased with our recent results, we continue to be intently focused on the success of our Series 6 transition.”