- Net Sales $568 million
- EPS $2.00 per fully diluted share
- Increased 2010 EPS guidance to $6.80-$7.30 per diluted share
- Board of Directors approves an additional four line factory
First Solar, Inc. (FSLR 136.67, +8.54, +6.67%) today announced its financial results for the first quarter ended March 27, 2010. Quarterly net sales were $568.0 million, up 36% from $418.2 million in the first quarter of 2009, mainly due to strong PV module demand and increased production, partially offset by a decline in pricing. First quarter 2010 net sales declined $73.3 million from the fourth quarter of 2009 primarily due to a shift from turnkey system sales to module sales.
The first quarter 2010 net income was $172.3 million or $2.00 per fully diluted share, up from the prior year of $164.6 million or $1.99 per fully diluted share, which included a $0.14 per share one-time tax benefit related to our Malaysian tax holiday. Net income for the first quarter was up from $141.6 million or $1.65 per fully diluted share for the fourth quarter 2009 because of higher volumes, increased module prices and the absence of certain non-recurring expenses.
The First Solar Board of Directors has approved an additional four line manufacturing plant with an annual capacity of over 220 MW at the first quarter 2010 line run-rate. The plant is expected to begin production in the fourth quarter of 2011.
For 2010, First Solar forecasts net sales of $2.6 to $2.7 billion, reflecting reallocation of module capacity from our systems business to meet stronger module demand by our European customers. Earnings per fully diluted share are projected in the range of $6.80 to $7.30, and include $0.09-0.10 per share dilution for the pending acquisition of NextLight Renewable Power, LLC. Total capital spending is projected to be $625 to $650 million. The company expects to generate $725 to $775 million of operating cash flow. First Solar has posted its First Quarter Earnings Call Presentation, which includes guidance for fiscal 2010 and additional details regarding the key assumptions relating to this guidance, in the Investor section of its website at www.firstsolar.com.
First Solar will discuss these results and outlook for fiscal 2010 in a conference call scheduled for today at 1:30 p.m. MST (4:30 p.m. EDT). Investors may access a live audio webcast of this conference call and the earnings call presentation in the investors section of the Company's web site at www.firstsolar.com.
An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Monday, May 3, 2010 at 11:59 p.m. EDT and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 9534574. A replay of the webcast will be available on the Investor section on the Company's web site approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days. If you are a subscriber of FactSet or Thomson One, you can obtain a written transcript within 2 hours.
Source: www.marketwatch.com
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