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First Solar (FSLR) Incurs Loss in Q2, Misses Sales Estimates
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First Solar Inc. (FSLR - Free Report) incurred a loss of 18 cents per share in second-quarter 2019, while the Zacks Consensus Estimate for earnings was pegged at 2 cents. The reported figure, however, improved from the prior-year quarter’s loss of 46 cents per share.
Sales
First Solar’s sales of $585 million in the reported quarter missed the Zacks Consensus Estimate of $689 million by 15.1%. However, the top line surged 89.1% from the year-ago quarter’s figure of $309.3 million.
Operational Highlights
In the second quarter, gross profit totaled $77.1 million against a loss of $8 million registered a year ago.
Total operating expenses declined 10.2% to $85.8 million, owing to low production start-up expenses.
However, the company incurred an operating loss of $8.6 million, much less than an operating loss of $103.6 million in the year-ago quarter.
Financial Performance
First Solar had $1,221.6 million of cash and cash equivalents as of Jun 30, 2019, down from $1,403.6 million as of Dec 31, 2018.
Long-term debt totaled $453 million at the end of the second quarter compared with $461.2 million as of Dec 31, 2018.
First Solar, Inc. Price, Consensus and EPS Surprise
For 2019, First Solar continues to expect earnings of $2.25-$2.75 per share. The Zacks Consensus Estimate for 2019 earnings pegged at $2.39 lies below the midpoint of the company’s projected range.
The company continues to expect revenues of $3.5-3.7 billion. The Zacks Consensus Estimates for the company’s 2019 sales, pegged at $3.57 billion, lies below the midpoint of the company’s projected view.
However, it lowered the full-year operating expenses projection from $370-$390 million to $360-$380 million and raised gross margin expectation to 18.5-19.5% from 18-19%.
Meanwhile, First Solar continues to expect shipments of 5.4-5.6 gigawatts for the year.
SolarEdge Technologies (SEDG - Free Report) is slated to release second-quarter 2019 results on Aug 6.
Sunrun Inc. (RUN - Free Report) is scheduled to report quarterly numbers on Aug 7.
A Recent Solar Release
SunPower Corp. (SPWR - Free Report) incurred adjusted loss of 22 cents per share in the second quarter, wider than the Zacks Consensus Estimate of a loss of 9 cents. The company incurred a loss of a penny per share in the year-ago quarter.
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First Solar (FSLR) Incurs Loss in Q2, Misses Sales Estimates
First Solar Inc. (FSLR - Free Report) incurred a loss of 18 cents per share in second-quarter 2019, while the Zacks Consensus Estimate for earnings was pegged at 2 cents. The reported figure, however, improved from the prior-year quarter’s loss of 46 cents per share.
Sales
First Solar’s sales of $585 million in the reported quarter missed the Zacks Consensus Estimate of $689 million by 15.1%. However, the top line surged 89.1% from the year-ago quarter’s figure of $309.3 million.
Operational Highlights
In the second quarter, gross profit totaled $77.1 million against a loss of $8 million registered a year ago.
Total operating expenses declined 10.2% to $85.8 million, owing to low production start-up expenses.
However, the company incurred an operating loss of $8.6 million, much less than an operating loss of $103.6 million in the year-ago quarter.
Financial Performance
First Solar had $1,221.6 million of cash and cash equivalents as of Jun 30, 2019, down from $1,403.6 million as of Dec 31, 2018.
Long-term debt totaled $453 million at the end of the second quarter compared with $461.2 million as of Dec 31, 2018.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
2019 Guidance
For 2019, First Solar continues to expect earnings of $2.25-$2.75 per share. The Zacks Consensus Estimate for 2019 earnings pegged at $2.39 lies below the midpoint of the company’s projected range.
The company continues to expect revenues of $3.5-3.7 billion. The Zacks Consensus Estimates for the company’s 2019 sales, pegged at $3.57 billion, lies below the midpoint of the company’s projected view.
However, it lowered the full-year operating expenses projection from $370-$390 million to $360-$380 million and raised gross margin expectation to 18.5-19.5% from 18-19%.
Meanwhile, First Solar continues to expect shipments of 5.4-5.6 gigawatts for the year.
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.
Upcoming Solar Releases
SolarEdge Technologies (SEDG - Free Report) is slated to release second-quarter 2019 results on Aug 6.
Sunrun Inc. (RUN - Free Report) is scheduled to report quarterly numbers on Aug 7.
A Recent Solar Release
SunPower Corp. (SPWR - Free Report) incurred adjusted loss of 22 cents per share in the second quarter, wider than the Zacks Consensus Estimate of a loss of 9 cents. The company incurred a loss of a penny per share in the year-ago quarter.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
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