Revenues for the first nine months of 2013 were $2.5 billion compared to $2.3 billion for the first nine months of 2012.
Cash and Marketable Securities at the end of the third quarter were approximately $1.5 billion, an increase of approximately $247 million compared to the end of the second quarter of 2013. The Company’s Net Cash grew to approximately $1.3 billion, an increase of approximately $274 million from the second quarter of 2013. Cash flows from operations were $375 million in the third quarter, compared to $222 million for the second quarter of 2013.
The Company also posted its Earnings Call Presentation, which included updated guidance for 2013 on the Company’s website at http://investor.firstsolar.com.
The updated guidance is as follows:
2013 Guidance Update
Net Sales $3.4B to $3.6B $3.6B to $3.8B
Gross Margin (%) 24% to 26% 22% to 23%
Operating Expenses No Change $390M to $410M
Operating Income $470M to $490M $405M to $435M
Effective Tax Rate 14% to 16% 15% to 17%
Earnings Per Share* $4.25 to $4.50 $3.75 to $4.25
Operating Cash Flow $0.7B to $0.9B $0.8B to $1.0B
Capital Expenditures $300M to $350M $350M to $400M
Working Capital** $50M to $150M $50M to $200M
* Includes per-share impact of Equity Offering and GE Shares
** Expected decrease in working capital from Dec. 31, 2012
“The third quarter marks a key milestone in our Company’s progress in achieving the strategic objectives we outlined during our Analyst Day event in April,” said Jim Hughes, CEO of First Solar. “During the quarter we delivered on several key objectives, including additional bookings of 860MWdc, significant reductions to our module manufacturing cost, and strong financial performance. With these encouraging results achieved, we move forward, focusing on strengthening our leadership position in the marketplace and achieving our strategic objectives for future success.”
For a reconciliation of non-GAAP measures to measures presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), see the tables below.
First Solar has scheduled a conference call for today, October 31, 2013 at 4:30 p.m. ET to discuss this announcement. Investors may access a live webcast of this conference call by visiting http://investor.firstsolar.com/events.cfm.
An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Wednesday, November 6, 2013 at 11:59 p.m. ET and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 6970466. A replay of the webcast will be available on the Investors section of the Company’s web site approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.