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First Solar (FSLR) Reports Q1 Loss, Sales Lag Estimates
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First Solar, Inc. (FSLR - Free Report) reported first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.
Sales Update
First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. The top line also declined 54.3% from the year-ago quarter’s $803.4 million.
First Solar, Inc. Price, Consensus and EPS Surprise
In the first quarter, gross profit totalled $11.5 million, which decreased significantly from $184.8 million in the year-ago quarter.
Total operating expenses slumped 14.6% to $71.2 million due to lower SG&A costs and production start-up costs.
The company reported an operating loss of $57.8 million against an operating income of $252.3 million in the year-ago quarter.
Financial Performance
First Solar had $1,326.4 million of cash and cash equivalents as of Mar 31, 2022, down from $1,450.7 million as of Dec 31, 2021.
Long-term debt totaled $247.4 million as of as of Mar 31, 2022 compared with $236 million as of Dec 31, 2021.
2022 Guidance
First Solar reaffirmed its 2022 earnings guidance. The company still expects earnings in the range of $0.00-$0.60 per share on sales of the $2.4-2.6 billion range in 2022.
The Zacks Consensus Estimate for 2022 earnings is pegged at 38 cents per share, higher than the mid-point of the company’s projected range. The Zacks Consensus Estimate for 2022 sales stands at $2.53 billion, higher than the midpoint of the guided range.
The company continues to expect gross profit in the range of $155 million-$215 million, while operating income is anticipated in the band of $55-$150 million.
Meanwhile, FSLR forecasts shipments in the band of 8.9-9.4 gigawatts in 2022.
Zacks Rank
First Solar currently carries a Zacks Rank #4 (Sell).
Enphase Energy (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from 56 cents per share reported in the prior-year quarter. The Zacks consensus estimate for first quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. The top line soared 46.2% from the year-ago quarter’s $301.8 million.
Upcoming Solar Releases
SolarEdge Technologies (SEDG - Free Report) is slated to release first-quarter 2022 results on May 2. SolarEdge boasts a long-term earnings growth rate of 24.7%.
The Zacks Consensus Estimate for SEDG’s first-quarter earnings, pegged at $1.32 per share, implies a year-over-year improvement of 34.7%. SolarEdge has a four-quarter earnings surprise of 5.69%.
SunPower Corporation (SPWR - Free Report) is scheduled to release first-quarter 2022 results on May 5. SunPower has a four-quarter earnings surprise of 8.33%.
The Zacks Consensus Estimate for SPWR’s first-quarter earnings, pegged at 3 cents per share, implies a year-over-year decline of 40%.
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First Solar (FSLR) Reports Q1 Loss, Sales Lag Estimates
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.
Sales Update
First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. The top line also declined 54.3% from the year-ago quarter’s $803.4 million.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
Operational Highlights
In the first quarter, gross profit totalled $11.5 million, which decreased significantly from $184.8 million in the year-ago quarter.
Total operating expenses slumped 14.6% to $71.2 million due to lower SG&A costs and production start-up costs.
The company reported an operating loss of $57.8 million against an operating income of $252.3 million in the year-ago quarter.
Financial Performance
First Solar had $1,326.4 million of cash and cash equivalents as of Mar 31, 2022, down from $1,450.7 million as of Dec 31, 2021.
Long-term debt totaled $247.4 million as of as of Mar 31, 2022 compared with $236 million as of Dec 31, 2021.
2022 Guidance
First Solar reaffirmed its 2022 earnings guidance. The company still expects earnings in the range of $0.00-$0.60 per share on sales of the $2.4-2.6 billion range in 2022.
The Zacks Consensus Estimate for 2022 earnings is pegged at 38 cents per share, higher than the mid-point of the company’s projected range. The Zacks Consensus Estimate for 2022 sales stands at $2.53 billion, higher than the midpoint of the guided range.
The company continues to expect gross profit in the range of $155 million-$215 million, while operating income is anticipated in the band of $55-$150 million.
Meanwhile, FSLR forecasts shipments in the band of 8.9-9.4 gigawatts in 2022.
Zacks Rank
First Solar currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Release
Enphase Energy (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from 56 cents per share reported in the prior-year quarter. The Zacks consensus estimate for first quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. The top line soared 46.2% from the year-ago quarter’s $301.8 million.
Upcoming Solar Releases
SolarEdge Technologies (SEDG - Free Report) is slated to release first-quarter 2022 results on May 2. SolarEdge boasts a long-term earnings growth rate of 24.7%.
The Zacks Consensus Estimate for SEDG’s first-quarter earnings, pegged at $1.32 per share, implies a year-over-year improvement of 34.7%. SolarEdge has a four-quarter earnings surprise of 5.69%.
SunPower Corporation (SPWR - Free Report) is scheduled to release first-quarter 2022 results on May 5. SunPower has a four-quarter earnings surprise of 8.33%.
The Zacks Consensus Estimate for SPWR’s first-quarter earnings, pegged at 3 cents per share, implies a year-over-year decline of 40%.