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First Solar (FSLR) Q2 Earnings Beat Estimates, EPS View Down
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First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
Sales Update
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%. However, the top line declined 1.3% from the year-ago quarter’s $629.2 million.
First Solar, Inc. Price, Consensus and EPS Surprise
In the second quarter, the gross loss totaled $23.2 million, which decreased significantly from $174.1 million in the year-ago quarter.
Total operating expenses increased 24.8% to $77.4 million due to higher SG&A costs and production start-up costs.
The company reported an operating income of $144.8 million compared with the operating income of $110.4 million in the year-ago quarter.
Financial Performance
First Solar had $1,701.3 million of cash and cash equivalents as of Jun 30, 2022, up from $1,450.7 million as of Dec 31, 2021.
Long-term debt totaled $170 million as of Jun 30, 2022 compared with $236 million as of Dec 31, 2021.
2022 Guidance
FSLR now expects its bottom line to remain in the range of loss of 25 cents to earnings of 25 cents (lowered from prior guidance range of $0.00-$0.60). The company now expects sales to be in the $2.55-2.8 billion range in 2022 (up from the prior range of $2.4-$2.6 billion).
The Zacks Consensus Estimate for 2022 earnings is pegged at 34 cents per share, higher than the midpoint of the company’s projected range. The Zacks Consensus Estimate for 2022 sales stands at $2.45 billion, lower than the midpoint of the guided range.
The company now expects gross profit in the range of $115-$165 million compared to the prior guidance in the $155 million-$215 million range, while the operating income is now anticipated in the band of $5-$70 million compared to the earlier expectation in the range of $55-$150 million.
Meanwhile, First Solar continues to forecast shipments in the band of 8.9-9.4 gigawatts in 2022.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved by a solid 101.9% from the 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
Upcoming Solar Releases
SolarEdge Technologies (SEDG - Free Report) is slated to release second-quarter 2022 results on Aug 2. SolarEdge boasts a long-term earnings growth rate of 28.6%.
The Zacks Consensus Estimate for SEDG’s second-quarter earnings, pegged at $1.40 per share, implies a year-over-year improvement of 9.4%. The Zacks Consensus Estimate for SolarEdge’s second-quarter sales is pegged at $726.3 million.
SunPower Corporation (SPWR - Free Report) is scheduled to release second-quarter 2022 results on Aug 2. SunPower has a four-quarter negative earnings surprise of 2.08%.
The Zacks Consensus Estimate for SPWR’s second-quarter earnings, pegged at 5 cents per share, implies a year-over-year decline of 16.7%.
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First Solar (FSLR) Q2 Earnings Beat Estimates, EPS View Down
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
Sales Update
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%. However, the top line declined 1.3% from the year-ago quarter’s $629.2 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 second quarter, the gross loss totaled $23.2 million, which decreased significantly from $174.1 million in the year-ago quarter.
Total operating expenses increased 24.8% to $77.4 million due to higher SG&A costs and production start-up costs.
The company reported an operating income of $144.8 million compared with the operating income of $110.4 million in the year-ago quarter.
Financial Performance
First Solar had $1,701.3 million of cash and cash equivalents as of Jun 30, 2022, up from $1,450.7 million as of Dec 31, 2021.
Long-term debt totaled $170 million as of Jun 30, 2022 compared with $236 million as of Dec 31, 2021.
2022 Guidance
FSLR now expects its bottom line to remain in the range of loss of 25 cents to earnings of 25 cents (lowered from prior guidance range of $0.00-$0.60). The company now expects sales to be in the $2.55-2.8 billion range in 2022 (up from the prior range of $2.4-$2.6 billion).
The Zacks Consensus Estimate for 2022 earnings is pegged at 34 cents per share, higher than the midpoint of the company’s projected range. The Zacks Consensus Estimate for 2022 sales stands at $2.45 billion, lower than the midpoint of the guided range.
The company now expects gross profit in the range of $115-$165 million compared to the prior guidance in the $155 million-$215 million range, while the operating income is now anticipated in the band of $5-$70 million compared to the earlier expectation in the range of $55-$150 million.
Meanwhile, First Solar continues to forecast shipments in the band of 8.9-9.4 gigawatts in 2022.
Zacks Rank
First Solar currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another Recent Solar Release
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved by a solid 101.9% from the 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
Upcoming Solar Releases
SolarEdge Technologies (SEDG - Free Report) is slated to release second-quarter 2022 results on Aug 2. SolarEdge boasts a long-term earnings growth rate of 28.6%.
The Zacks Consensus Estimate for SEDG’s second-quarter earnings, pegged at $1.40 per share, implies a year-over-year improvement of 9.4%. The Zacks Consensus Estimate for SolarEdge’s second-quarter sales is pegged at $726.3 million.
SunPower Corporation (SPWR - Free Report) is scheduled to release second-quarter 2022 results on Aug 2. SunPower has a four-quarter negative earnings surprise of 2.08%.
The Zacks Consensus Estimate for SPWR’s second-quarter earnings, pegged at 5 cents per share, implies a year-over-year decline of 16.7%.