First Solar reports improved Q3 results, reinstates Q4 guidance

US thin-film photovoltaics (PV) maker First Solar Inc (NASDAQ:FSLR) on Tuesday posted increased third-quarter net profit and revenues and reinstated its outlook for the closing quarter of 2020.

The solar manufacturer withdrew its full-year 2020 projections in May due to the uncertain environment created by the coronavirus pandemic. It said in a press release yesterday the global COVID-19 fallout has not materially impacted its financial results up to this point and it reinstated its forecast for the last quarter of 2020. An implied full-year 2020 guidance was also provided, as shown in the table below.

First Solar closed the third quarter with a net profit of USD 155 million (EUR 131.6m), growing from USD 30.6 million a year before. The improvement was recorded thanks to a rise in net sales, which almost doubled year-on-year to USD 927.6 million. Sales jumped from USD 642.4 million in the second quarter mainly thanks to international project sales and increased module volumes sold to third parties.

“We delivered strong financial results for the third quarter,” said CEO Mark Widmar, adding that the company has expanded its module segment gross margin and closed the sale of several projects in Japan during the reporting period. “This result reflects the strengths of our competitively advantaged CdTe modules and vertically integrated manufacturing process,” he continued.

More details about First Solar’s third-quarter and nine-month performance are available in the table.

First Solar’s bookings stood at 1.6 GW direct current (DC) at quarter-end.

Cash, restricted cash and marketable securities at end-September amounted to USD 1.67 billion, rising by USD 29 million from end-June.

(USD 1.0 = EUR 0.849)

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