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First Solar (FSLR) Q1 Earnings and Revenues Top Estimates
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First Solar Inc. (FSLR - Free Report) reported first-quarter 2018 earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of a loss of 5 cents, by a huge margin. The reported figure also improved from the prior-year quarter’s earnings of 9 cents per share.
Revenues
In the reported quarter, revenues came in at of $567.3 million, exceeding the Zacks Consensus Estimate of $405 million by 40.1%. However, the top line plunged 36.4% from the year-ago figure of $891.8 million.
First Solar, Inc. Price, Consensus and EPS Surprise
Gross profit in the first quarter was $172.8 million, up 105.3% from $84.2 million a year ago.
Total operating expenses increased 6.9% to $98.5 million owing to higher production start-up expenses.
Operating income in the quarter totaled $74.3 million compared to operating loss of $8 million in the year-ago quarter.
Financial Performance
First Solar had $1,858.3 million of cash and cash equivalents as of Mar 31, 2018, down from $2,268.5 million at the end of 2017.
Long-term debt was $431.8 million at the end of the first quarter compared with $380.5 million at 2017-end.
2018 Guidance
First Solar reiterated its 2018 earnings guidance in the range of $1.50-$1.90 per share on revenues of $2.45-$2.65 billion. The company also maintained its panel shipment guidance in the band of 2.9-3.0 gigawatts.
Gross margin guidance was also reiterated in the range of 21.5-22.5% while adjusted operating income view were maintained in the band of $130-$180 million.
However, the company slashed its operating cash flow guidance from the band of $100-$200 million to $100 million.
Canadian Solar Inc. (CSIQ - Free Report) is expected to release first-quarter 2018 results on Jun 5. In the last reported quarter, the company delivered a positive earnings surprise of 21.69%.
SolarEdge Technologies (SEDG - Free Report) is expected to release first-quarter results on May 9. In the last reported quarter, the company pulled off a positive earnings surprise of 34.92%.
Vivint Solar is expected to release first-quarter results on May 8. In the last reported quarter, the company delivered a negative earnings surprise of 38.71%.
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First Solar (FSLR) Q1 Earnings and Revenues Top Estimates
First Solar Inc. (FSLR - Free Report) reported first-quarter 2018 earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of a loss of 5 cents, by a huge margin. The reported figure also improved from the prior-year quarter’s earnings of 9 cents per share.
Revenues
In the reported quarter, revenues came in at of $567.3 million, exceeding the Zacks Consensus Estimate of $405 million by 40.1%. However, the top line plunged 36.4% from the year-ago figure of $891.8 million.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. Price, Consensus and EPS Surprise | First Solar, Inc. Quote
Operational Highlights
Gross profit in the first quarter was $172.8 million, up 105.3% from $84.2 million a year ago.
Total operating expenses increased 6.9% to $98.5 million owing to higher production start-up expenses.
Operating income in the quarter totaled $74.3 million compared to operating loss of $8 million in the year-ago quarter.
Financial Performance
First Solar had $1,858.3 million of cash and cash equivalents as of Mar 31, 2018, down from $2,268.5 million at the end of 2017.
Long-term debt was $431.8 million at the end of the first quarter compared with $380.5 million at 2017-end.
2018 Guidance
First Solar reiterated its 2018 earnings guidance in the range of $1.50-$1.90 per share on revenues of $2.45-$2.65 billion. The company also maintained its panel shipment guidance in the band of 2.9-3.0 gigawatts.
Gross margin guidance was also reiterated in the range of 21.5-22.5% while adjusted operating income view were maintained in the band of $130-$180 million.
However, the company slashed its operating cash flow guidance from the band of $100-$200 million to $100 million.
Zacks Rank
First Solar carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Peer Releases
Canadian Solar Inc. (CSIQ - Free Report) is expected to release first-quarter 2018 results on Jun 5. In the last reported quarter, the company delivered a positive earnings surprise of 21.69%.
SolarEdge Technologies (SEDG - Free Report) is expected to release first-quarter results on May 9. In the last reported quarter, the company pulled off a positive earnings surprise of 34.92%.
Vivint Solar is expected to release first-quarter results on May 8. In the last reported quarter, the company delivered a negative earnings surprise of 38.71%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>