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Mar 31, 2022
First Solar Q1 2022 Earnings Report
First Solar's financial performance declined due to decreased module volume and average selling price, resulting in a net loss.
Key Takeaways
First Solar reported a decrease in net sales to $367 million and a net loss per share of $0.41 for Q1 2022. The company's cash, restricted cash, and marketable securities decreased to $1.6 billion. However, bookings remained strong, with 11.9 GWDC booked since the last earnings call, bringing the year-to-date total to 16.7 GWDC.
Net sales were $367 million, a decrease from the prior quarter.
The company experienced a net loss per share of $0.41.
Cash, restricted cash, and marketable securities totaled $1.6 billion.
Year-to-date net bookings reached 16.7 GWDC.
First Solar
First Solar
Forward Guidance
First Solar reiterated its full year 2022 guidance, including net sales of $2.4B to $2.6B and earnings per diluted share of $0.00 to $0.60.
Positive Outlook
- Net Sales: $2.4B to $2.6B
- Gross Margin: $155M to $215M
- Operating Expenses: $365M to $380M
- Operating Income: $55M to $150M
- Earnings per Diluted Share: $0.00 to $0.60
Challenges Ahead
- Includes $10 million to $15 million of underutilization losses
- Includes $85 million to $90 million of production start-up expense
- Includes $95 million to $105 million of production start-up expense and underutilization losses
- Includes $270 million to $290 million pre-tax gain related to the potential sale of the Japan project development and O&M platform
- Defined as cash, cash equivalents, marketable securities, and restricted cash less expected debt at the end of 2022