9 April 2013

First Solar expects sales to grow 15% to $3.8-4.0m in 2013

At its 2013 Analyst Day event in New York, First Solar Inc of Tempe, AZ, USA – which manufactures thin-film photovoltaic (PV) modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services – said that, for full-year 2013, it expects total module shipments of 1.6-1.8GW and net sales of $3.8-4.0bn, including about $3.6bn from systems sales. This would be up about 15% on 2012’s sales of $3.4bn.

Consolidated gross margin is expected to be 20-22%. Excluding up to $10m in restructuring expense (as previously announced), diluted earnings per share (EPS) should be $4-4.50 (down on 2012’s $4.90), and consolidated operating income should be $430-460m. The firm expects to generate $0.8-1.0bn of operating cash flow (up from $762m in 2012) and plans for $350-400m in capital expenditures in 2013. Working capital is expected to fall by $50-200m from 2012.

First Solar notes that revenue recognition for the Desert Sunlight project is currently expected to begin in second-half 2013 and conclude by late 2014. This assumption is reflected in the 2013 guidance and 2014 outlook.

In addition, for 2014 the firm targets module shipments of 1.8-2.2GW, net sales of $3.5-4.0bn, diluted EPS of $2.50-4.00, and operating cash flow of $500-800m. For 2015 First Solar targets module shipments of 2.3-2.7GW, net sales of $4.2-4.8bn, diluted EPS of $4.00-6.00, and operating cash flow of $600-1000m.

Tags: First Solar Thin-film photovoltaic CdTe

Visit: www.firstsolar.com