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First Solar posts weak second quarter numbers, downgrades financial forecast for 2013

Tempe, USA - First Solar, Inc. reported revenue losses in the second quarter of 2013 Tuesday, upon which the financial forecast for the current year was downgraded. Net sales came in at 520 million dollars in the quarter, a decrease of 235 million from the prior quarter and a decrease of 438 million dollars from the second quarter of 2012. The sequential decrease in net sales is primarily attributable to lower systems business project revenues as well as lower module-only sales volume to third-parties. The financial results were further impacted by the fact that the company did not complete the sale of its Canadian ABW solar projects in the second quarter of 2013 and such sale is expected to occur in the second half of this year.

The company reported a net fall in income of 70 percent to 33.6 million dollars, or 37 cents per share, in the second quarter, from $111 million, or $1.27 per share, a year ago. The company also provided updated full year 2013 financial guidance ranges which reflect a reduction in expected net sales associated with the decision to hold two system projects through construction and selling such projects after construction is completed, which action is expected to result in improved project economics.

Collaboration with GE offers positive note The sobering financial report overshadowed the company



Source: IWR Online, 07 Aug 2013

 


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