First Solar First Quarter Earnings - First Solar (NASDAQ:FSLR)

First Solar, Inc. FSLR reported a first-quarter FY22 sales decline of 54.3% year-over-year to $367.04 million, missing the consensus of $592.68 million.
The revenue tumbled due to a decrease in module sold volume, a decrease in the module average selling price, and lower project revenue in Japan.
The gross margin fell sharply by 1,988 bps to 3.1%.
First Solar recorded an operating loss of $(57.8) million, compared to a profit of $252.35 million a year ago.
EPS was $(0.41), marginally above the consensus of $(0.42).
Year-to-date net bookings were 16.7 GWDC; 11.9 GWDC last quarter. Record expected module shipment backlog of over 35 GWDC.
At the end of the quarter, cash, restricted cash, and marketable securities were $1.6 billion.
FY22 Guidance reaffirmed: FSLR expects Net Sales of $2.4 billion to $2.6 billion vs. a consensus of $2.45 billion, Gross Margin of $155 million to $215 million. Shipments of 8.9GW to 9.4GW.
It expects an Operating Income of $55 million to $150 million and EPS of $0.00 to $0.60. Net cash balance of $1.1 billion to $1.35 billion and Capital Expenditures of $850 million to $1.1 billion.
Price Action: FSLR shares are trading higher by 1.81% at $73.57 during the post-market session on Thursday.
Photo via Wikimedia Commons

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First Solar Clocks Sharp Q1 Revenue Drop, Still Reaffirms FY22 Outlook