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First Solar, Inc. (FSLR) CEO Mark Widmar on Q1 2020 Results - Earnings Call Transcript

May 08, 2020 1:09 PM ETFirst Solar, Inc. (FSLR)4 Comments
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First Solar, Inc. (NASDAQ:FSLR) Q1 2020 Results Earnings Conference Call May 7, 2020 4:30 PM ET

Company Participants

Mitch Ennis - Investor Relations

Mark Widmar - Chief Executive Officer

Alexander Bradley - Chief Financial Officer

Conference Call Participants

Philip Shen - Roth Capital Partners

Brian Lee - Goldman Sachs

Ben Kallo - Baird


Good afternoon, and welcome to First Solar's First Quarter 2020 Earnings Call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. At this time all participants are in a listen-only mode. As a reminder, today's call is being recorded.

I would now like to turn the call over to Mitch Ennis from First Solar Investor Relations. Mr. Ennis, you may begin.

Mitch Ennis

Thank you. Good afternoon, everyone, and thank you for joining us. Today, the company issued a press release announcing its first quarter 2020 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.

With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will begin by providing a business and technology update and discuss First Solar's response to the COVID-19 pandemic. Alex will then discuss our financial results for the quarter as well as our outlook for 2020. Following the remarks, we'll open the call for questions.

Please note, this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations, including, among other risks and uncertainties, the severity and duration of the effects of the COVID-19 pandemic. We encourage you to review the safe harbor statements contained in today's press release and presentation for a more complete description.

It is now my pleasure to introduce Mark Widmar, Chief Executive Officer. Mark?

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Comments (4)

without trump socialism to protect FSLR are they out of business? The Chinese and Koreans are still increasing efficiency and dropping price per watt. Is the game over for film type panels?
I am very dissapointed with Mark Widmar and his team. Definetly an insider CEO and his lack of ideas to create value for shareholders and not being able to take the lead of the industry as FS did before he arrived is sad. I am shareholder since 2016 and always believed the huge opportunity FS had ahead with its tech, the solar s-curve that is happening and manufacturing means. I gave my thesis some optionality: joint ventures in emerging nations, share buybacks at low prices, suite creation with battery technology companies and EV, creation from nothing a solar panel recycling monopoly and own project development but not for sale to retain yields (we had one but it was mismanaged). Also the dilution created by share compesations and managements big selling trades makes me wonder who the skin in the game has. What position occupies FS in the solar industry now?it Is a low margin manufacturer that aspires to sell high volumes but depends on the ASPs.I have yet some shares but waiting to sell. I give all the responsibility of this bad situation to rhe management. Good luck everyone.
@mphis Good points. I have cycled in and out of the stock several times and done well. I currently hold a decent-sized position. I am happy that it is recovering from its lows in the low 30s. I agree with you 100% that this company seems to never get anywhere in terms of important fundamentals, like profits. Great product with regular efficiency growth, but there is nothing exciting here at all. I have to imagine people buy the stock based on support for alternative energy, and it being the only (partial) U.S. manufacturer. Panels themselves seem like a cut-throat commodity, too partial to political decisions like Chinese dumping and U.S. tariffs. I like you idea of diversification for FS, but instead it looks like the goal of off-loading systems work leaves them only with the panels. Growth can only come from "more panels." Don't know how possible that is.
I just read most of the transcript, and the answer to the first question about ASP, just made my head spin. It seems like ASP are going to continue to erode. Additionally there seems to be a lot of competition to this field, so not sure how first solar is standing out from the pack.
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