First Solar ups 2014 guidance

|By:, SA News Editor

First Solar (FSLR) has hiked its 2014 EPS guidance range by $0.20 to $2.40-$2.80; the consensus is at $2.49. Gross margin is now expected to be in a range of 17%-18% vs. a prior 16%-18%, and operating cash flow in a range of $300M-$500M vs. a prior $250M-$400M.

Gross margin rose 250 bps Y/Y in Q1 to 24.9%, contributing to First Solar's big EPS beat. A 10% drop in opex to $97.4M (compares with 26% rev. growth) also helped.

Due to project construction work, First Solar ended Q1 with $1.4B in cash/marketable securities, down $385M from the end of Q4.

Shares +4.5% AH.

Q1 results, PR