First Solar reported third quarter net sales of US$889 million, an increase of US$345 million from the second quarter of 2014. However, project delays would result in full-year revenue guidance lowered by US$100 million to a range of US$3.6 billion to US$3.9 billion.
The sequential increase in net sales resulted primarily from increased revenue recognition on the Desert Sunlight project, according to First Solar.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
The company reported a gross margin of 21.3%, up from prior guidance and up 4.3 percent points from the previous quarter. First Solar said that operating income was US$81.9 million, down slightly from US$83.8 million in the prior quarter.
First Solar said that capital expenditures for the full-year would be between US$250 million to US$300 million, down from a range of US$300 million to US$350 million, without providing details behind the reduction.
Management noted in the call that it had no plans to create a yieldco financial vehicle.
Potential PV project pipeline grew around 1GW in the quarter to 13.7GW.
