First Solar Announces 3Q 2019 Financial Results

First Solar, Inc. announced financial results for the third quarter ended Sept. 30, 2019. Net sales for the third quarter were $547 million, a decrease of $38 million from the prior quarter, primarily due to lower systems revenue from project sales in the US, partially offset by higher module sales volume.

The company reported third quarter net income per share of $0.29, compared to a loss per share of $(0.18) in the prior quarter. Cash, restricted cash and marketable securities at the end of the third quarter decreased to $1.6 billion from $2.1 billion at the end of the prior quarter, primarily as a result of higher expenditures for the development and construction of project assets and continued capital investments in Series 6 manufacturing capacity.

“We’re pleased with the ongoing progress of our Series 6 technology platform,” said Mark Widmar, CEO of First Solar. “Capacity utilization, throughput and yield continue to improve, resulting in record Series 6 production of approximately 1 GW in the quarter.”