First Solar Announces 1Q 2012 Financial Results

First Solar, Inc. announced financial results for the first quarter of 2012. Net sales were $497 million in the quarter, a decrease of $163 million from the fourth quarter of 2011, primarily due to lower volumes for module-only sales, and $70 million below the first quarter of 2011, primarily due to lower average selling prices and lower volumes for module-only sales, which was partially offset by higher systems revenue.

The company reported a first quarter net loss of $5.20 per fully diluted share, compared to a net loss of $4.78 per fully diluted share in the fourth quarter of 2011 and net income of $1.33 per fully diluted share in the first quarter of 2011. The non-GAAP net loss per fully diluted share, which excludes the charges listed above, was $0.08 for the first quarter.

“First Solar’s performance in the quarter was impacted by an aggressive competitive environment resulting from persistent supply-demand imbalances in the market, as well as restructuring costs that will improve our operating efficiency and help position us for the future,” said Mike Ahearn, chairman of the Board. “Looking forward, we are confident we have the right long-term strategy and the right platform to enable long-term growth and value creation. We believe that by executing our strategic roadmaps and completing our restructuring program we can achieve our targets of 2.6 to 3.0 GW of sales in sustainable markets, earning a return on invested capital of 13 to 17 percent by 2016.”