First Solar Records $803 Million in Net Sales in Q1 2021

American solar technology company, First Solar has released its first-quarter (Q1) 2021 financial results, showing that the company has recorded net sales of USD 803 million with an increase of USD 194 million from the prior quarter. First Solar says that this has resulted primarily due to an increase in systems revenue driven by U.S. project sales.

It makes a total of 32 percent of a rise in the net sales of the company with a net income per share for the first quarter was USD 1.96, compared to the net income per share of USD 1.08 in the prior quarter, however.

Speaking of the achievements, the CEO of First Solar, Mark Widmar stated, “We delivered strong operational and financial results for the first quarter, and demand for our Series 6 technology continues to be robust”.

“The dedication we continue to witness from our associates enabled us to deliver module segment gross margin in line with our first quarter guidance, complete the sales of our Sun Streams 2, 4, and 5 projects, and close the U.S. project development and North American O&M sales. This, coupled with manufacturing execution, enabled us to deliver solid EPS in the first quarter,” he further added.

The company announces that an operating income for the first quarter worth USD 252 million, compared to USD 58 million in the prior quarter. The First quarter operating income includes depreciation and amortization of USD 63 million, share-based compensation of USD 3 million, charges associated with the initial ramp of its new factory in Malaysia, underutilization expense, and production start-up expense totaling USD 16 million, and again on the sales of its U.S. project development and North American O&M businesses of USD 151 million.

Cash, cash equivalents, restricted cash, and marketable securities at the end of the first quarter totaled USD 1.8 billion, which was largely unchanged from the prior quarter, says the company. This was primarily due to proceeds from the sale of its North American O&M business and proceeds from the sale of certain securities associated with their end-of-life module collection and recycling program, which First Solar intends to subsequently reinvest.

The company claims that this was partially offset by an increase in accounts receivable related to its U.S. project development and Sun Streams 2, 4, and 5 sales, along with operating expenses, capital expenditures, and payment of variable compensation.