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First Solar, peers give back some 2013 gains

  • First Solar (FSLR -13.5%) is tanking following its Q2 miss and light 2013 guidance. Shares still +31% YTD and +253% from their June '12 low.
  • No downgrades have come in yet. Analysts are largely defending the company, talking up the GE deal and focusing on the impact of project sale timings on Q2 results.
  • Solar peers continue to dive (TAN -8.1%) thanks to First Solar and SunEdison's (I, II) results and guidance. SPWR -12.4%. TSL -7.5%. ASTI -7.1%. SCTY -5.5%. CSIQ -7.8%. SOL -9%. JASO -6.8%. LDK -6.5%.
  • First Solar's Q2 module production totaled 388.9MW, +5% Q/Q and Y/Y. Its total cost/watt fell $0.02 Q/Q and $0.05 Y/Y to $0.67. 2013 guidance is for a cost of $0.63-$0.66.
  • Capacity utilization is at 75%, flat Q/Q and +1200 bps Y/Y. Conversion efficiency +10 bps Q/Q and +40 bps Y/Y to 13%. 2013 lead-line exit guidance is at 14%.
  • Expected future module shipments stand at 2.2GW, down from 2.6GW at the end of 2012 (900MW in YTD shipments offsetting 500MW in new bookings). Expected future revenue at $7.6B vs. $8B at end of 2012.
  • CC transcript, slides, datasheet
Comments (2)
  • evan.prospect
    , contributor
    Comments (694) | Send Message
     
    What do people think about the First Solar / GE deal? Will GE's technology help?
    7 Aug 2013, 02:20 PM Reply Like
  • moreofthesame
    , contributor
    Comments (743) | Send Message
     
    It has been clear for quite some time that First solar was relying on obsolete technology and that the company was relying heavily on projects that it had in the works but lacking new projects/sales after that.
    7 Aug 2013, 02:36 PM Reply Like
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