First Solar (FSLR) Incurs Loss In Q2, Misses Sales Estimates
Zacks Investment Research | Aug 01, 2019 09:49PM ET
First Solar Inc. (NASDAQ:FSLR) incurred a loss of 18 cents per share in second-quarter 2019, while the Zacks Consensus Estimate for earnings was pegged at 2 cents. The reported figure, however, improved from the prior-year quarter’s loss of 46 cents per share.
Sales
First Solar’s sales of $585 million in the reported quarter missed the Zacks Consensus Estimate of $689 million by 15.1%. However, the top line surged 89.1% from the year-ago quarter’s figure of $309.3 million.
Operational Highlights
In the second quarter, gross profit totaled $77.1 million against a loss of $8 million registered a year ago.
Total operating expenses declined 10.2% to $85.8 million, owing to low production start-up expenses.
However, the company incurred an operating loss of $8.6 million, much less than an operating loss of $103.6 million in the year-ago quarter.
Financial Performance
First Solar had $1,221.6 million of cash and cash equivalents as of Jun 30, 2019, down from $1,403.6 million as of Dec 31, 2018.
Long-term debt totaled $453 million at the end of the second quarter compared with $461.2 million as of Dec 31, 2018.
First Solar, Inc. Price, Consensus and EPS Surprise
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