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Jun 30, 2022
First Solar Q2 2022 Earnings Report
Reported increase in net sales and operating income due to increased module sales and gain on the sale of the Company’s Japan project development platform.
Key Takeaways
First Solar reported net sales of $621 million and net income per diluted share of $0.52 for the second quarter of 2022. The company's cash, restricted cash, and marketable securities increased to $1.9 billion. They also have a record expected module shipment backlog of over 44 GWDC.
Net sales of $621 million
Net income per diluted share of $0.52
Cash, restricted cash, and marketable securities of $1.9 billion
Record expected module shipment backlog of over 44 GWDC
First Solar
First Solar
Forward Guidance
The complete 2022 guidance has been updated with net sales between $2.55B to $2.8B and Earnings (Loss) per Diluted Share between $(0.25) to $0.25
Positive Outlook
- Net Sales: $2.55B to $2.8B
- Operating Expenses: $350M to $365M
- Net Cash Balance: $1.3B to $1.5B
- Shipments: 8.9GW to 9.4GW
- Gain related to the sale of the Japan project development and O&M platforms
Challenges Ahead
- Gross Profit: $115M to $165M
- Operating Income: $5M to $70M
- Earnings (Loss) per Diluted Share: $(0.25) to $0.25
- Losses associated with a legacy systems business asset in Chile
- Underutilization losses