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First Solar (FSLR) Q2 Earnings & Revenues Beat Estimates
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First Solar Inc. (FSLR - Free Report) reported second-quarter 2020 adjusted earnings of 35 cents per share, which surpassed the Zacks Consensus Estimate of 25 cents by 40%. The reported figure also improved significantly from the prior-year quarter’s loss of 18 cents.
Sales Update
First Solar’s sales of $642.4 million in the reported quarter exceeded the Zacks Consensus Estimate of $527 million by 21.9%. Moreover, the top line witnessed a 9.8% increase from the year-ago quarter’s $585 million, primarily due to the sale of the American Kings project.
Operational Highlights
In the second quarter, gross profit totaled $137.5 million, which surged significantly from $77.2 million reported in the year-ago quarter.
Total operating expenses increased 0.9% to $86.6 million due to production start-up costs and litigation losses.
However, the company reported an operating income of $50.9 million against an operating loss of $8.6 million incurred in the year-ago quarter. The upside can primarily be attributable to significantly higher gross profit in the quarter.
Financial Performance
First Solar had $1,052.7 million of cash and cash equivalents as of Jun 30, 2020, down from $1,352.7 million as of Dec 31, 2019.
Long-term debt totaled $387.7 million at the end of the second quarter compared with $454.2 million as of Dec 31, 2019.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar has withdrawn its 2020 guidance, given the uncertainty regarding the severity and duration of the COVID-19 pandemic and its impact on the company’s operations and financial results as well as the energy and capital markets.
However, it continued to provide its 2020 module production, operating expenses and capital expenditure guidance. First Solar expects 2020 module production to be 5.9 GWDC, including 5.7 GWDC of Series 6 and 0.2 GWDC of Series 4. It expects operating expenses of $345-$365 million and capital expenditures of $450-$550 million for 2020.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2020 adjusted earnings of 17 cents per share, which surpassed the Zacks Consensus Estimate of 14 cents by 21.4%.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2020 adjusted earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 69 cents by 40.6%.
SunPower Corp. (SPWR - Free Report) incurred an adjusted loss of 22 cents per share in second-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 42 cents.
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First Solar (FSLR) Q2 Earnings & Revenues Beat Estimates
First Solar Inc. (FSLR - Free Report) reported second-quarter 2020 adjusted earnings of 35 cents per share, which surpassed the Zacks Consensus Estimate of 25 cents by 40%. The reported figure also improved significantly from the prior-year quarter’s loss of 18 cents.
Sales Update
First Solar’s sales of $642.4 million in the reported quarter exceeded the Zacks Consensus Estimate of $527 million by 21.9%. Moreover, the top line witnessed a 9.8% increase from the year-ago quarter’s $585 million, primarily due to the sale of the American Kings project.
Operational Highlights
In the second quarter, gross profit totaled $137.5 million, which surged significantly from $77.2 million reported in the year-ago quarter.
Total operating expenses increased 0.9% to $86.6 million due to production start-up costs and litigation losses.
However, the company reported an operating income of $50.9 million against an operating loss of $8.6 million incurred in the year-ago quarter. The upside can primarily be attributable to significantly higher gross profit in the quarter.
Financial Performance
First Solar had $1,052.7 million of cash and cash equivalents as of Jun 30, 2020, down from $1,352.7 million as of Dec 31, 2019.
Long-term debt totaled $387.7 million at the end of the second quarter compared with $454.2 million as of Dec 31, 2019.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
2020 Outlook
First Solar has withdrawn its 2020 guidance, given the uncertainty regarding the severity and duration of the COVID-19 pandemic and its impact on the company’s operations and financial results as well as the energy and capital markets.
However, it continued to provide its 2020 module production, operating expenses and capital expenditure guidance. First Solar expects 2020 module production to be 5.9 GWDC, including 5.7 GWDC of Series 6 and 0.2 GWDC of Series 4. It expects operating expenses of $345-$365 million and capital expenditures of $450-$550 million for 2020.
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 second-quarter 2020 adjusted earnings of 17 cents per share, which surpassed the Zacks Consensus Estimate of 14 cents by 21.4%.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2020 adjusted earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 69 cents by 40.6%.
SunPower Corp. (SPWR - Free Report) incurred an adjusted loss of 22 cents per share in second-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 42 cents.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
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