First Solar declares impressive 2Q15 results
On August 4, 2015, First Solar (FSLR) declared its 2Q15 results. It reported earnings of $896 million and net income of $94.5 million. In comparison, the firm reported revenue of $544 million and net income of $5 million in 2Q14. The EPS (earnings per share) rose to $0.93 in 2Q15 from $0.04 in 2Q14. First Solar beat analysts’ expectations by a huge margin. The revenue was expected to be $790 million with an EPS of $0.49.
The firm’s gross margins rose from 16.88% in 2Q14 to $17.99% in 2Q15. The EBITDA (earnings before interest, tax, depreciation, and amortization) also rose to $13.36% from 11.69% in the same period.
Net sales rose by $427 million on a quarter-over-quarter basis due to increased revenue recognition on the Siler State South project as well as the sale of the majority interest in the North Star and Lost Hills-Blackwell projects.
Full-year 2015 sales are expected to be $3.5–$3.6 billion with an EPS of $3.30–$3.60.
Jim Hughes, the CEO of First Solar, stated that “We achieved significant financial and technological milestones this past quarter with the IPO of 8point3 Energy Partners and a new record module conversion efficiency of 18.6%. In combination with year-to-date bookings of 1.4GW and full year earnings guidance of over three dollars per share, we continue to execute across all elements of our business.”
Shares of First Solar rose by 17.12% on August 5, 2015, following the release of its 2Q15 earnings on August 4 after the market closed.