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Tuesday, Feb 26
More on First Solar: Q4 gross margin was 27.3%, -110 bps Q/Q and +640 bps Y/Y. GM expected to...
More on First Solar: Q4 gross margin was 27.3%, -110 bps Q/Q and +640 bps Y/Y. GM expected to fall to 25%-27% in Q1. Company expects "the [solar] market will remain turbulent for some time to come." Opex -8% Q/Q and -80% Y/Y (-47% exc. goodwill write-down) to $121.5M (11% of revenue), major factor behind EPS improvement. Systems pipeline at 2.9GW vs. 3GW at end of Q3. Module cost/watt fell 11% in 2012, systems cost/watt 14%. Q4 capacity utilization of 84% vs. 83% in Q3. FSLR -7.5% AH. CC at 4:30PM ET (webcast). (PR) (slides)