U.S. solar panel maker First Solar Inc. (FSLR) said Monday after the markets closed that it swung to a first quarter profit, helped by significantly higher sales and the absence of hefty restructuring charges that it took last year.
However, the company's quarterly earnings per share, excluding items, came in below analysts' expectations, but its quarterly sales beat analysts' forecast.
Nevertheless, the company maintained its full year 2013 financial guidance it issued during its analysts' day event last month. On April 9, the company forecast net sales of $3.8 billion to $4.0 billion, including about $3.6 billion in net sales from systems sales, and earnings of $4.00 to $4.50 per share, excluding up to $10 million in restructuring costs, for the full year 2013. Analysts polled by Thomson Reuters currently expect the company to earn $4.27 per share on revenue of $3.84 billion for the full year 2013.
"We demonstrated progress on several fronts during the first quarter, including continued strengthening of our balance sheet and additions to our pipeline," said Jim Hughes, CEO of First Solar. "We remain on track for the year and reaffirm our full-year 2013 financial guidance and are focused on achieving our goal of new bookings to shipments ratio of one-to-one." First Solar shares are currently gaining 1.01% in after hours trading after closing the day's regular trading session at $47.69, up $1.69 or 3.67%. The shares trade in a 52-week range of $11.43 to $47.78.
First Solar and other solar panel manufacturers have been struggling recently, as a global oversupply of solar panels and weakened demand have driven prices lower. Meanwhile, the company has turned its focus on building solar farms on its own rather than selling solar panels to other companies.
The company is also venturing into new regions, including Japan. Last month, First Solar agreed to buy TetraSun from JX Nippon Oil & Energy Corp. and other investors, including TetraSun management. Terms of the deal, which is expected to close in the second quarter of 2013, were not disclosed. First Solar and JX Nippon Oil & Energy have also entered into discussions on an agreement to distribute the technology in Japan.
For the first quarter ended March 31, 2013, the Tempe, Arizona-based company reported net income of $59.1 million or $0.66 per share, compared to a net loss of $449.4 million or $5.20 per share for the year-ago quarter.
The year-ago quarter results included $444 million in pre-tax restructuring charges and costs in excess of normal warranty.
Excluding items, adjusted earnings for the latest quarter were $61.5 million or $0.69 per share.
On average, 18 analysts expected the company to earn $0.75 per share for the first quarter. Analysts' estimates typically exclude special items.
Net sales for the first quarter jumped 52% to $755.21 million from $497.06 million in the same quarter last year, due to higher sales volumes for third-party module sales and an increase in revenue from systems projects. Nineteen analysts had a consensus revenue estimate of $725.26 million for the first quarter.
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