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First Solar Reports Second Quarter Sales Of $896 Million

Leading global solar PV provider First Solar announced net sales of $896 million in its second quarter earnings report, released Tuesday, up significantly on first quarter figures.

first-solar-sets-solar-cell-recordNet sales were up $427 million on the first quarter of the year, which fell sharply as First Solar hoarded projects to offload into its soon-to-be yieldco, 8point3 Energy Partners, a joint-venture project with SunPower. The increase in this quarters’ net sales was due to increased revenue from the sale of majority shares in the North Star and Lost Hills-Blackwell projects, as well as proceeds received by way of the 8point3 Energy Partners initial private offering (IPO).

“We achieved significant financial and technological milestones this past quarter with the IPO of 8point3 Energy Partners and a new record module conversion efficiency of 18.6%,” said Jim Hughes, CEO of First Solar. “In combination with year-to-date bookings of 1.4GW and full year earnings guidance of over three dollars per share, we continue to execute across all elements of our business.”

GAAP earnings per fully diluted share came to $0.93, compared to a $0.62 loss in Q1’14, and only $0.4 a year earlier. Shares for the company jumped 12% after the company released its financial figures for the quarter.

First Solar also provided full guidance for the remainder of 2015, which is trending towards a slight increase on 2014 figures. First Solar is forecasting net sales between $3.5 and $3.6 billion, up from 2014’s net sales of $3.4 billion. Gross margin is expected to sit between 21% and 22%, with operating expenses between $415 and $425 million, and operating income between $330 million and $370 million. First Solar expects to ship between 2.8 GW and 2.9 GW of product, and provide shareholders with earnings per share of between $3.30 and $3.60.

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