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Monday, May 6
More on First Solar: Q1 gross margin was 22.4%, +700 bps Y/Y but -490 bps Q/Q (main reason for...
More on First Solar: Q1 gross margin was 22.4%, +700 bps Y/Y but -490 bps Q/Q (main reason for EPS miss). Exc. restructuring charges ($401M a year ago), opex -20% Y/Y. $66M in operating cash flow, down from Q4's $328M. Cash/investment balance roughly unchanged Q/Q at ~$1B. 300MW in Q1 bookings; expected future module shipments -100MW Q/Q to 2.5GW. Module production -11% Q/Q to 370MW, capacity utilization -900 bps to 75%. Cost/watt up by $0.01 to $0.69. Advanced stage project pipeline up by 200MW to 3.1GW. FSLR now +0.9% AH. (PR) (slides)