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First Solar reported fourth quarter 2016 sales of US$480 million and US$3.0 billion for 2016, slightly higher than previous guidance of US$2.8 billion to US$2.9 billion for 2016.

First Solar reported fourth quarter 2016 sales of US$480 million and US$3.0 billion for 2016, slightly higher than previous guidance of US$2.8 billion to US$2.9 billion for 2016.

Leading thin-film PV manufacturer First Solar reported lower than guided total thin-film module shipments in 2016 but beat revenue guidance.

First Solar reported fourth quarter 2016 sales of US$480 million and US$3.0 billion for 2016, slightly higher than previous guidance of US$2.8 billion to US$2.9 billion for 2016.

Module shipments were 2.7GW, compared to previous guidance of 2.8GW to 2.9GW.

"Despite the difficult restructuring decisions that we undertook in the fourth quarter, we ended the year with strong operational results," said Mark Widmar, CEO of First Solar. "Our best line exited the quarter running above 16.9% conversion efficiency, and for the full year our fleet averaged 16.4% efficiency, an 80 basis point improvement over the prior year. From a financial perspective we delivered full year non-GAAP earnings per share of $5.17, exceeding our guidance for the year. We ended the year with $1.8 billion of net cash and are well positioned as we move forward with our Series 6 transition." 

First Solar reported a fourth quarter 2016 loss per share of US$6.92, compared to earnings per share of US$1.63 in the prior quarter. The fourth quarter was said to have impacted impacted by pre-tax charges of US$729 million, primarily related to the previously announced restructuring actions. 

Guidance

First Solar guided GAAP revenue in 2017 to be in the range of US$2.8 billion to US$2.9 billion, up from previous guidance of US$2.5 billion to US$2.6 billion, primarily due to stronger than expected module volumes booked. 

Module shipments are expected to be in the range of 2.4GW to 2.6GW as the company ramps down Series 4 module capacity. 

Tags: first solar inc, cdte thin-film modules, pv power plants

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