First Solar decreased net sales and achieved loss in Q1 2019
Post date: 04/05/2019 - 21:52
US thin-film module manufacturer and project developer First Solar Inc. has presented its figures for the first quarter 2019. The company generated net sales of $532 million, a decrease of $159 million from the prior quarter, primarily due to lower systems project revenue in the United States and Japan. Sales in the first quarter of 2018 were $567 million. The company achieved net loss of $68 million, compared to income of $83 million the same quarter of the previous year.
Cash, restricted cash and marketable securities at the end of the first quarter decreased to $2.3 billion from $2.7 billion at the end of the prior quarter, primarily »as a result of ongoing capital investments in Series 6 manufacturing capacity, factory ramp activities and the timing of cash receipts from certain systems project sales.«
According to Mark Widmar, CEO of First Solar, during the first quarter of 2019 the company »continued to realize advancements in Series 6 throughput and efficiency and we are particularly pleased with the start-up and ongoing ramp of our second facility in Vietnam.«
2019 guidance has been updated »as a result of greater expected module and system sales, increased ramp related and EPC costs, and lower projected operating costs.« In this year, the company expects net sales in a range of $3.5 billion to $3.7 billion (prior: $3.25 billion to $3.48 billion). Shipment target is unchanged in a range between 5.4 GW to 5.6 GW. Net booking is currently at 2.3 GW.