First Solar Inc. (FSLR - Free Report) reported second-quarter 2018 loss of 46 cents a share. The Zacks Consensus Estimate was pegged at a loss of a penny. The company recorded earnings of 50 cents per share in the year-ago quarter.
Revenues
First Solar’s revenues of $309.3 million in the quarter also lagged the Zacks Consensus Estimate of $479 million by 35.5%. Revenues declined 50.4% from the year-ago figure of $623.3 million, primarily due to lower system and third-party module sales.
Operational Highlights
Gross loss in the reported quarter was $8.06 million against gross profit of $110.9 million in the year-ago quarter.
Total operating expenses contracted 1.43% to $95.6 million due to low research and development costs along with the elimination of restructuring and asset impairment expenses.
Operating loss during the quarter was $103.6 million, while the company reported an operating profit of $13.9 million in the year-ago quarter.
Financial Performance
First Solar had $2,024.5 million of cash and cash equivalents as of Jun 30, 2018, down from $2,268.5 million at the end of 2017.
Long-term debt was $448.5 million at the end of the quarter compared with $380.5 million as of Dec 31, 2017.
Cash and marketable securities at the end of the second quarter increased to $3.1 billion from $2.9 billion at the end of the first quarter. The increase was primarily due to proceeds received from the sale of the company’s interests in 8point3 Energy Partners.
First Solar, Inc. Price, Consensus and EPS Surprise
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First Solar Inc. (FSLR - Free Report) reported second-quarter 2018 loss of 46 cents a share. The Zacks Consensus Estimate was pegged at a loss of a penny. The company recorded earnings of 50 cents per share in the year-ago quarter.
Revenues
First Solar’s revenues of $309.3 million in the quarter also lagged the Zacks Consensus Estimate of $479 million by 35.5%. Revenues declined 50.4% from the year-ago figure of $623.3 million, primarily due to lower system and third-party module sales.
Operational Highlights
Gross loss in the reported quarter was $8.06 million against gross profit of $110.9 million in the year-ago quarter.
Total operating expenses contracted 1.43% to $95.6 million due to low research and development costs along with the elimination of restructuring and asset impairment expenses.
Operating loss during the quarter was $103.6 million, while the company reported an operating profit of $13.9 million in the year-ago quarter.
Financial Performance
First Solar had $2,024.5 million of cash and cash equivalents as of Jun 30, 2018, down from $2,268.5 million at the end of 2017.
Long-term debt was $448.5 million at the end of the quarter compared with $380.5 million as of Dec 31, 2017.
Cash and marketable securities at the end of the second quarter increased to $3.1 billion from $2.9 billion at the end of the first quarter. The increase was primarily due to proceeds received from the sale of the company’s interests in 8point3 Energy Partners.
First Solar, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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