First Solar Rises Over 9% After 3Q13 Financial Results
First Solar, Inc. (NASDAQ: FSLR) announced their 2013 third quarter financial results.
First Solar reported record quarterly net sales of $1.3B, a $746M increase from Q2. GAAP EPS was $1.94 and a non-GAAP EPS of $2.28. 3Q net income per share is $1.94, compared with $0.37 in 2Q13 and $1.00 in 2Q12. First Solar reported $1.3B in cash and marketable securities, with net cash of $1.3B.
The large increase in sales is attributable to project revenues including revenue recognition of Desert Sunlight and sale of ABW Canadian projects. The third quarter was also impacted by the sale of the company's facility in Mesa, Arizona which should provide $115M in liquidity and a reduction of $10M in annual operating expenses.
First Solar modified 2013 guidance, increasing gross margin from 22-23 percent to 24-26 percent, and EPS from $3.75-$4.25 to $4.25-$4.50. Operating income was also modified from $405-435M to $470-490M.
CEO Jim Hughes commented, "The third quarter marks a key milestone in our Company's progress in achieving the strategic objectives we outlined during our Analyst Day event in April. During the quarter we delivered on several key objectives, including additional bookings of 860MWdc, significant reductions to our module manufacturing cost, and strong financial performance. With these encouraging results achieved, we move forward, focusing on strengthening our leadership position in the marketplace and achieving our strategic objectives for future success.”
First Solar closed at $50.31 today and is currently trading up 9.13 percent after hours.
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