First Solar Inc. (FSLR - Free Report) reported fourth-quarter 2019 adjusted earnings of $2.02 per share, which missed the Zacks Consensus Estimate of $2.79 by 27.6%.
Including one-time litigation losses, the company reported GAAP loss of 56 cents per share against earnings of 50 cents recorded in the prior-year quarter.
For 2019, the company reported adjusted earnings of $1.48 compared with the Zacks Consensus Estimate of $2.45 per share.
Sales
First Solar’s sales of $1,399.4 million in the reported quarter missed the Zacks Consensus Estimate of $1,759.7 million by 20.5%. However, the top line improved a massive 102.4% from the year-ago quarter’s $691.2 million.
For 2019, the company recorded revenues of $3.06 billion, which missed the Zacks Consensus Estimate of $3.44 billion by 11%. However, the full-year top line improved 36.5% from the year-ago quarter figure of $2.24 billion.
Operational Highlights
In the fourth quarter, gross profit totaled $333.6 million compared with $98.3 million in the year-ago quarter.
Total operating expenses surged a massive 417.1% to $451.4 million primarily due to litigation losses worth $363 million.
Consequently, the company incurred operating loss of $117.9 million at the end of fourth-quarter 2019 against operating income of $11 million in the year-ago quarter.
Financial Performance
First Solar had $1.35 billion million of cash and cash equivalents as of Dec 31, 2019, down from $1.40 billion as of Dec 31, 2018.
Long-term debt totaled $454.2 million at the end of 2019 compared with $461.2 million as of Dec 31, 2018.
2020 Guidance
The company currently expects to record earnings in the range of $3.25-$3.75 per share on sales of $2.7-$2.9 billion in 2020. The Zacks Consensus Estimate for 2020 earnings, pegged at $3.63, lies above the midpoint of the company’s projected range. The Zacks Consensus Estimate for 2020 sales, pegged at $3.38 billion, lies above the guided range.
Moreover, the company expects to incur operating expenses in the range of $340-$360 million while gross margin is projected in the band of 26-27%.
Meanwhile, First Solar forecasts shipment to remain in the band of 5.8-6.0 gigawatts.
Zacks Rank
First Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2019 adjusted earnings of 39 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 18.2%.
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2019 adjusted earnings of $1.65 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 26.9%.
Upcoming Solar Releases
Sunrun (RUN - Free Report) is set to release fourth-quarter results on Feb 27.
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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.
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First Solar Inc. (FSLR - Free Report) reported fourth-quarter 2019 adjusted earnings of $2.02 per share, which missed the Zacks Consensus Estimate of $2.79 by 27.6%.
Including one-time litigation losses, the company reported GAAP loss of 56 cents per share against earnings of 50 cents recorded in the prior-year quarter.
For 2019, the company reported adjusted earnings of $1.48 compared with the Zacks Consensus Estimate of $2.45 per share.
Sales
First Solar’s sales of $1,399.4 million in the reported quarter missed the Zacks Consensus Estimate of $1,759.7 million by 20.5%. However, the top line improved a massive 102.4% from the year-ago quarter’s $691.2 million.
For 2019, the company recorded revenues of $3.06 billion, which missed the Zacks Consensus Estimate of $3.44 billion by 11%. However, the full-year top line improved 36.5% from the year-ago quarter figure of $2.24 billion.
Operational Highlights
In the fourth quarter, gross profit totaled $333.6 million compared with $98.3 million in the year-ago quarter.
Total operating expenses surged a massive 417.1% to $451.4 million primarily due to litigation losses worth $363 million.
Consequently, the company incurred operating loss of $117.9 million at the end of fourth-quarter 2019 against operating income of $11 million in the year-ago quarter.
Financial Performance
First Solar had $1.35 billion million of cash and cash equivalents as of Dec 31, 2019, down from $1.40 billion as of Dec 31, 2018.
Long-term debt totaled $454.2 million at the end of 2019 compared with $461.2 million as of Dec 31, 2018.
2020 Guidance
The company currently expects to record earnings in the range of $3.25-$3.75 per share on sales of $2.7-$2.9 billion in 2020. The Zacks Consensus Estimate for 2020 earnings, pegged at $3.63, lies above the midpoint of the company’s projected range. The Zacks Consensus Estimate for 2020 sales, pegged at $3.38 billion, lies above the guided range.
Moreover, the company expects to incur operating expenses in the range of $340-$360 million while gross margin is projected in the band of 26-27%.
Meanwhile, First Solar forecasts shipment to remain in the band of 5.8-6.0 gigawatts.
Zacks Rank
First Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2019 adjusted earnings of 39 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 18.2%.
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2019 adjusted earnings of $1.65 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 26.9%.
Upcoming Solar Releases
Sunrun (RUN - Free Report) is set to release fourth-quarter results on Feb 27.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
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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