First Solar boosts Q3 profit, lifts 2017 forecast

First Solar Inc’s (NASDAQ:FSLR) third-quarter (Q3) net profit jumped to USD 205.7 million (UER 175.6m), a fourfold increase in quarter-on-quarter terms thanks to a rise in sales, improved gross margin and reduced restructuring charges.

Based on the improved results, the US solar major on Thursday said it now expects higher earnings for the full year. It guided for 2017 earnings per share (EPS) of USD 2.05 to USD 2.30, up from USD 1.55 to USD 2.20 in its previous forecast.

The table contains First Solar's Q3 results.

Net sales in the period grew as a result of the disposal of the 280-MW California Flats and 40-MW Cuyama projects and an increase in third-party module sales. Meanwhile, First Solar also reported record bookings of 4.5 GW direct current (DC), which CEO Mark Widmar attributes to the robust market demand for the company’s Series 4 and Series 6 modules, and acceleration of procurement timing by certain customers.

Widmar also said the company continues to be "intently focused" on the success of the transition to Series 6.

First Solar is targeting market roll-out of Series 6 production in mid-2018, Stefan Degener, Head of Business Development for Europe & Africa, told Renewables Now in an interview this week. By the end of 2019, the production capacity will be ramped up to "just under 4 GW".

The table below shows the updated full-year forecast by the company.

Shipments in 2017 are still expected to reach 2.6 GW-2.7 GW.

(USD 1 = EUR 0.85)

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