First Solar, Inc. Announces Third Quarter 2022 Financial Results
First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter ended September 30, 2022.
Net sales for the third quarter were $629 million, an increase of $8 million from the prior quarter, primarily due to increased module sales.
Operating loss for the third quarter was $68 million, compared to operating income of $145 million in the prior quarter. Third quarter operating income decreased primarily due to a gain on the sale of the Company’s Japan project development platform recorded in the prior quarter and higher logistics charges in the third quarter.
The Company reported a third quarter loss per diluted share of $0.46, compared to income per diluted share of $0.52 in the prior quarter.
Cash, cash equivalents, restricted cash, and marketable securities at the end of the third quarter remained at $1.9 billion, consistent with the prior quarter. Capital expenditures for Series 7 expansions were funded by operating cash flows and disbursements under the Company’s credit facility with the U.S. International Development Finance Corporation supporting the financing of the India manufacturing plant.
Net sales of $629 million
Net loss per diluted share of $0.46
Cash, cash equivalents, restricted cash, and marketable securities of $1.9 billion
YTD net bookings of 43.7 GW DC
16.6 GW DC of net bookings since prior earnings call
Record expected module shipment backlog of over 58 GW DC
Reduce FY 2022 earnings guidance primarily to reflect unforeseen logistics costs
Information Source: Read More
Energy Monitors | Electric Power | Natural Gas | Oil | Climate | Renewable | Wind | Transition | LPG | Solar | Electric | Biomass | Sustainability | Oil Price | Electric Vehicles|Commodities | Shipping|
