First Solar, Inc. (NASDAQ:FSLR) reported better-than-expected second-quarter financial results Tuesday. Here's a look at the key figures from the report.
The Details: Quarterly sales came in at $1.01 billion, which beat the analyst consensus estimate of $941.54 million by 7.27% and represents a 24.59% increase over sales from the same period last year.
First Solar said the increase was primarily driven by an increase in the volume of modules sold and an increase in the average selling price per watt of its modules.
First Solar also reported quarterly earnings of $3.25 per share, which beat the analyst consensus estimate of $2.72 by 19.49%.
Cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities, less debt at the end of the second quarter, decreased to $1.2 billion from $1.4 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures associated with the company's new U.S. factories in Alabama and Louisiana along with the repayment of working capital loans in India, partially offset by increased operating cash flows from its modules business.
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"We are pleased with our financial and operational execution through the first half of this year as we continue to deliver on our commitments," said Mark Widmar, CEO of First Solar. "Our balanced approach to growth, profitability, and liquidity, combined with multiple technological and business model points of differentiation is enabling us to deliver value for both our customers and our shareholders."
Outlook: First Solar reiterated its fiscal year guidance for earnings of $13.00 to $14.00 per share and net sales of $4.4 billion to $4.6 billion.
FSLR Price Action: According to Benzinga Pro, First Solar shares are up 1.43% after-hours at $213.90 at the time of publication Tuesday.
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