11.05.21
First Solar, Inc. announced financial results for the third quarter ended Sept. 30, 2021.
Net sales for the third quarter were $584 million, a decrease of $46 million from the prior quarter, primarily due to lower systems segment revenue, which was partially offset by an increase in module segment revenue. Third quarter production was 2.0 GW DC despite challenging freight and COVID-19 environment.
Operating income for the third quarter was $51 million. Cash, cash equivalents, restricted cash, and marketable securities at the end of the third quarter totaled $1.9 billion, a decrease of $111 million from the prior quarter.
This decrease was primarily due to capital expenditures and reinvestment of restricted cash, which was partially offset by operating cash flows and collection of accounts receivables related to legacy systems activities.
“I would like to thank our associates for their dedication and continued execution during the third quarter,” said Mark Widmar, CEO of First Solar. “Operationally, despite the challenging freight and COVID-19 environment, our manufacturing team continues to deliver on their commitments. In the third quarter we produced 2.0 GWDC of modules, and in October we increased our top production bin to 465 watts.
“In parallel we started construction of the building for our third Ohio factory, and began ordering equipment for our first factory in India,” Widmar added. “Commercially, we had a good quarter, increasing our record year-to-date bookings to 10.5 GWDC. From a financial standpoint, while extended transit times for ocean freight impacted our third quarter results, we are reiterating our 2021 EPS guidance.”
Net sales for the third quarter were $584 million, a decrease of $46 million from the prior quarter, primarily due to lower systems segment revenue, which was partially offset by an increase in module segment revenue. Third quarter production was 2.0 GW DC despite challenging freight and COVID-19 environment.
Operating income for the third quarter was $51 million. Cash, cash equivalents, restricted cash, and marketable securities at the end of the third quarter totaled $1.9 billion, a decrease of $111 million from the prior quarter.
This decrease was primarily due to capital expenditures and reinvestment of restricted cash, which was partially offset by operating cash flows and collection of accounts receivables related to legacy systems activities.
“I would like to thank our associates for their dedication and continued execution during the third quarter,” said Mark Widmar, CEO of First Solar. “Operationally, despite the challenging freight and COVID-19 environment, our manufacturing team continues to deliver on their commitments. In the third quarter we produced 2.0 GWDC of modules, and in October we increased our top production bin to 465 watts.
“In parallel we started construction of the building for our third Ohio factory, and began ordering equipment for our first factory in India,” Widmar added. “Commercially, we had a good quarter, increasing our record year-to-date bookings to 10.5 GWDC. From a financial standpoint, while extended transit times for ocean freight impacted our third quarter results, we are reiterating our 2021 EPS guidance.”