The United States’ largest solar PV manufacturer reported better than expected sales and profit this week as it published its second quarter financial results.
First Solar announced on Wednesday net sales of $934 million, an $86 million increase on the first quarter of 2016, and a $38,164 increase on the same time a year earlier. First Solar attributed the increase to higher module only sales, the sale of the Kingbird project, and revenue recognition across multiple projects.
It wasn’t all good news, however, with First Solar reporting second quarter earnings per share of $0.13 compared to $1.66 in Q1’16.
“Our operational execution in 2016 continues to be strong and resulted in another quarter of solid financial results,” said Mark Widmar, CEO of First Solar. “Our lead line module efficiency exited the quarter at over 16.6%, and we further lowered our module cost per watt. We sold our Kingbird project in Q2, and our steady execution across our portfolio of systems projects resulted in significant cost reductions. With our recent decision to reallocate capacity to focus on our Series 5 assembly capabilities we continue to position the Company for future success.”
First Solar also modified its guidance for full year 2016 somewhat, increasing expected operating expenses, while decreasing its expected operating income and cash flow.
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