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FSLR

First Solar, Inc.

5/20/2013, 2:46 AM ET

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Wednesday, May 15, 9:17 AM SunPower (SPWR) +7.5% after providing strong guidance ahead of today's analyst day, which starts at 10AM ET (webcast). SunPower expects Q2 revenue of $550M-$600M and EPS of $005-$0.15, above a consensus of $513.3M and -$0.02. 2013 guidance (possibly conservative) is for revenue of $2.5B-$2.6B and EPS of $0.60-$0.80 vs. a consensus of $2.55B and $0.64. Gross margin is expected to fall to 14%-16% in Q2 from Q1's 22.7%, and total 15%-17% in 2013. 2013 free cash flow of $100M-$200 is expected. Shares now +57% since SunPower posted a huge Q1 beat on May 2. FSLR +2.5%. WFR +1.9%. LDK +1.5%. TSL +3.5%. SOL +2.7%. (slides) Comment! [Tech, On the Move, Earnings]
Monday, May 13, 11:27 AM SolarCity (SCTY +18.6%) is skyrocketing ahead of today's Q1 report - does someone know something? - and many other solar peers are also doing pretty well (TAN +4.5%). SOL +9.8%. CSIQ +11.6%. WFR +8%. LDK +9.3%. JASO +5.4%. SPWR +4.8%. FSLR +4.5%. GTAT +5.2%. JKS +7.9%. Short interests for many industry names remain sky-high: SolarCity had 16.6% of its float shorted as of April 30. SunPower was at 29.9%, First Solar 33.4%, and GT Advanced 34.8%. 4 Comments [Tech, On the Move]
Friday, May 10, 12:29 PM Volatile/well-shorted solar stocks are ripping higher (TAN +5.4%) to close out a week in which the EU imposed long-expected tariffs on Chinese solar panel imports. TSL +10%. CSIQ +16.1%. STP +9.1%. SCTY +8.6%. SOL +8.3%. JASO +7.5%. FSLR +4.6%. JKS +9.4%. LDK +3.4%. SPWR +7.8% A Reuters column today notes the pace of module price declines is expected to slow, as weaker players are forced out and U.S./emerging markets demand gradually soaks up excess capacity. 4 Comments [Tech, On the Move]
Tuesday, May 7, 10:33 AM First Solar (FSLR -8.6%) dives as the sell-side provides a tepid response to its Q1 report, which featured a big gross margin drop to 22.4% (blamed on rev. recognition timing and construction delays, and a lower utilization rate). Needham (Hold) argues the numbers didn't do much to improve visibility, and thinks FSLR's 2014/2015 targets "look aggressive." Likewise, Stifel (Hold) thinks much of FSLR's 5.5GW pipeline is early-stage, and doesn't think the company's deal close rate is improving. On the earnings call, management talked of achieving a sustainable gross margin of 15%-20% on new projects. Shares remain up 41% YTD. Comment! [Tech, Earnings, On the Move]
Monday, May 6, 4:51 PM 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) 1 Comment [Tech, Earnings]
Monday, May 6, 4:09 PM First Solar (FSLR): Q1 EPS of $0.69 misses by $0.06. Revenue of $755.2M (+52% Y/Y) beats by $27.9M. 2013 analyst day guidance maintained. Shares -3.5% AH. CC at 4:30PM ET (webcast). (PR) 5 Comments [Tech, Earnings, On the Move, Breaking News]
Monday, May 6, 12:10 AM Notable earnings after Monday’s close: ALNY, AMTG, APC, ARRY, BSFT, CECO, CHUY, DPM, ENOC, EOG, FSLR, FST, FTR, GDP, GSM, GWAY, HIMX, HOLX, LGCY, MELI, MKTG, MMLP, MR, NOG, NRP, OTTR, PAA, PEGA, PNG, RKUS, SGY, SMG, SNTS, STAG, VNO, WMS Comment! [Earnings]
Sunday, May 5, 5:35 PM Notable earnings after Monday’s close: ALNY, AMTG, APC, ARRY, BSFT, CECO, CHUY, DPM, ENOC, EOG, FSLR, FST, FTR, GDP, GSM, GWAY, HIMX, HOLX, LGCY, MELI, MKTG, MMLP, MR, NOG, NRP, OTTR, PAA, PEGA, PNG, RKUS, SGY, SMG, SNTS, STAG, VNO, WMS Comment! [Earnings]
Thursday, May 2, 4:37 PM Solar stocks spiked in the final hour of trading (TAN +2.3%) after SunPower's blowout Q1 results were leaked. LDK +8%. JKS +9.5%. JASO +11%. TSL +7.5%. WFR +3.6%. DQ +4.6%. YGE +3.7%. FSLR +1.4% after spending most of the day in negative territory. 2 Comments [Tech, On the Move]
Thursday, April 25, 8:38 AM First Solar (FSLR) -1.8% after receiving a downgrade to Underperform from Raymond James' Pavel Molchanov. He admits "everything has gone right" for the solar giant in April, and that its balance sheet and visibility are relatively healthy, but nonetheless thinks "shares have gotten ahead of themselves" given risks to long-term profitability. First Solar remains up 65% on the month after skyrocketing in response to its bullish analyst day guidance. Shares trade at 7.5x-11.3x the company's 2015 EPS guidance of $4-$6. 1 Comment [Tech]
Wednesday, April 24, 12:59 PM First Solar (FSLR +12.9%) and other solar stocks (TAN +3%) are sharply higher, apparently related to news the MLP Parity Act is being re-introduced today in the House and Senate - a bill that's not likely to even pass and is not a game changer. JKS +12.1%, SPWR +10.7%, STP +11.4%, LDK +9.6%. Comment! [Tech, Energy, On the Move]
Tuesday, April 23, 2:41 PM First Solar (FSLR +3.3%) has sold its 139MW Campo Verde solar plant project (located in Imperial County, CA) to a Southern Company (SO +0.1%) subsidiary and Turner Renewable Energy for an undisclosed sum. First Solar will finish building Campo Verde, which is expected to begin commercial operation this fall, and will operate/maintain the plant for 10 years. The news comes 8 months after First Solar announced it would develop the project. (PR) 2 Comments [Tech, M&A]
Wednesday, April 10, 10:13 AM First Solar (FSLR -4.4%) remains in an acquisitive mood: the company has followed up on yesterday's purchase of TetraSun by acquiring a 60MW California solar project. Construction is expected to begin in 2014, and finish in 2015. Shares are lower as investors take profits and analysts throw cold water in the wake of yesterday's huge rally. Raymond James (Market Perform) argues the cost advantage for First Solar's thin-film modules "appears to be gone for good." It should be noted only one firm - Citi - rated First Solar a buy going into yesterday. (150MW project purchase) 2 Comments [Tech, On the Move, M&A]
Wednesday, April 10, 7:50 AM Analysts see First Solar's (FSLR) 45% run-up yesterday following upside guidance as overdone. "Efficiency roadmap promising but the history makes us cautious," CSFB says. It's "the best house in a bad neighborhood," Jefferies says, maintaining its $30 price target. Pacific Crest is "highly skeptical of the target model." No upgrades, tame target raises. Shares -6% premarket. 2 Comments [Tech, Earnings, On the Move]
Tuesday, April 9, 3:57 PM It's a busy (and memorable) day for First Solar (FSLR +46.7%): the company has now announced it's acquiring TetraSun, a startup claiming to have developed high-efficiency (21%+) silicon solar cells that can be produced at a cost similar to regular silicon cells. First Solar, which asserts TetraSun's solutions (focused on residential/commercial solar) complement its thin-film solutions (focused on utility-scale solar), plans to begin mass-producing TetraSun-based modules in 2H14. SunPower (SPWR +17.4%) is a major player in the high-efficiency space. (previous) 7 Comments [Tech, M&A]
Tuesday, April 9, 2:28 PM More bullish guidance from First Solar (FSLR +39.3%): The company expects module shipments will total 1.6GW-1.8GW in 2013, 1.8GW-2.2GW in 2014, and 2.3GW-2.7GW in 2015. 2014 revenue and EPS is pegged at $3.5B-$4B and $2.50-$4 (roughly flat-to-down Y/Y), but 2015 guidance is set at $4.2B-$4.8B and $4-$6. $400M-$650M in 2013 free cash flow (operating cash flow - capex) is forecast; that's up soundly from 2012's $330M. (previous) 1 Comment [Tech, Earnings]

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