Free Post Earnings Research Report: First Solar’s Adjusted EPS Surpassed Analysts’ Expectations

Stock Monitor: Lattice Semiconductor Post Earnings Reporting

LONDON, UK / ACCESSWIRE / November 30, 2017 / Active-Investors free earnings report on First Solar, Inc. (NASDAQ: FSLR) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=FSLR. The Company posted its financial results on October 26, 2017, for the third quarter of the fiscal year 2017. The solar energy solutions Company’s net revenue increased 60% on a y-o-y basis. Register today and get free access to our complimentary member’s area where many more reports are available:

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Active-Investors.comis currently working on the research report for Lattice Semiconductor Corporation (NASDAQ: LSCC), which also belongs to the Technology sector as the Company First Solar. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, First Solar most recent news is on our radar and we have decided to include it on our blog post. Today’s free coverage is available at:

www.active-investors.com/registration-sg/?symbol=FSLR

Earnings Highlights and Summary

For the three months ended September 30, 2017, First Solar’s net revenue increased 60% to $1.09 billion from $681.28 million in Q3 FY16, due to the sale of the California Flats and Cuyama Projects, and higher third-party module sales. The net revenue numbers surpassed analysts’ expectations of $824 million.

For the reported quarter, the Company’s production decreased 32% to 527.3 MW from 778.9 MW in Q3 FY16. For the reported quarter, the Company’s average conversion efficiency increased 50 basis points to 17% from 16.5% in Q3 FY16.

During Q3 FY17, First Solar’s gross profit increased 70.7% to $291.80 million from $170.91 million in the same period of last year. For the reported quarter, the Company’s gross margin increased 170 basis points to 26.8% of revenue from 25.1% of revenue in Q3 FY16.

For the reported quarter, First Solar’s selling, general, and administrative expenses (SG&A) decreased 16% to $50.55 million from $60.35 million in Q3 FY16. During Q3 FY17, the Company’s research and development (R&D) expenses decreased 35% to $20.85 million from $32.17 million in the comparable period of last year.

During Q3 FY17, First Solar’s operating income increased 182.3% to $206.99 million from $73.32 million in Q3 FY16. During Q3 FY17, the Company’s operating margin increased 820 basis points to 19% of revenue from 10.8% of revenue in the corresponding period of last year.

For the reported quarter, First Solar’s net income increased 36.7% to $205.75 million on a y-o-y basis from $150.46 million in Q3 FY16, due to higher net sales, improved gross margin, and lower restructuring charges. During Q3 FY17, the Company’s diluted earnings per share (EPS) increased 34.5% to $1.95 on a y-o-y basis from $1.45 in the same period of last year. For the reported quarter, First Solar’s adjusted net income increased 210.5% to $206.4 million on a sequential basis from $66.5 million in Q2 FY17. During Q3 FY17, the Company’s adjusted diluted EPS increased 204.7% to $1.95 on a sequential basis from $0.64 in the second quarter of 2017. The adjusted diluted EPS surpassed analysts’ expectations of $0.85.

Balance Sheet

As on September 30, 2017, First Solar’s cash and cash equivalents increased 49.9% to $2.02 billion from $1.35 billion as on December 31, 2016. For the reported quarter, the Company’s long-term debt decreased 105.8% to $330.21 million from $160.42 million in Q4 FY16.

For the reported quarter, the Company’s net trade accounts receivable increased 29.2% to $344.65 million from $266.69 million in the fourth quarter of 2016. During Q3 FY17, the Company’s accounts payable decreased 12.1% to $130.70 million from $148.73 million in Q4 FY16.

During Q3 FY17, the Company’s YTD cash provided by operating activities was positive $581 million compared to negative $168 million in Q2 FY17. For the reported quarter, the Company’s free cash flow was positive $484 million compared to negative $272 million in the second quarter of 2017.

Outlook

For FY17, First Solar expects revenue to be in the range of $3.00 billion – $3.10 billion, and diluted EPS to be in the band of $2.05 – $2.30. The Company estimates adjusted diluted EPS to be in the range of $2.40 – $2.60 for the fiscal year 2017.

Stock Performance Snapshot

November 29, 2017 – At Wednesday’s closing bell, First Solar’s stock declined 3.40%, ending the trading session at $60.02.

Volume traded for the day: 1.87 million shares.

Stock performance in the last three-month – up 24.81%; previous six-month period – up 56.63%; past twelve-month period – up 100.40%; and year-to-date – up 87.04%

After yesterday’s close, First Solar’s market cap was at $6.26 billion.

The stock is part of the Technology sector, categorized under the Semiconductor – Specialized industry.

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