First Solar Q2 2021 Earnings Report
Key Takeaways
First Solar announced mixed Q2 2021 results with net sales of $629 million and net income per share of $0.77. The company is expanding manufacturing capacity in Ohio and India, aiming for 16 GWDC by 2024. They also validated a world record CdTe module efficiency and updated their 2021 guidance.
Net sales for the second quarter were $629 million.
Net income per diluted share for the second quarter was $0.77.
Cash, cash equivalents, restricted cash, and marketable securities totaled $2.1 billion.
Year-to-date net bookings reached 9.0 GWDC, with 4.1 GWDC since the prior earnings call.
First Solar
First Solar
Forward Guidance
First Solar updated its 2021 guidance, projecting net sales between $2.875B and $3.1B, and earnings per share between $4.00 and $4.60, while reducing the net cash balance forecast to $1.35B to $1.45B and increasing capital expenditure expectations to $825M to $875M.
Positive Outlook
- Net Sales: $2.875B to $3.1B
- Gross Margin: $695M to $760M
- Operating Expenses: Unchanged
- Operating Income: $545M to $625M
- Shipments: 7.6GW to 8.0GW
Challenges Ahead
- Earnings per Share: $4.00 to $4.60
- Net Cash Balance: $1.35B to $1.45B
- Capital Expenditures: $825M to $875M
- Freight Costs: Earnings guidance lowered primarily due to freight costs
- Underutilization and Reduced Throughput: $40 million impact