First Solar Q1 Revenues Marginally Down
For the first quarter of 2011, the company posted a net income of $115.96m, compared to $172.34m for the same period in 2010.
Total operating expenses for the first quarter of 2011 were $130.28m, compared to $90.89m for the same period in 2010. Operating income was $129.38m, compared to $191.14m for the same period in 2010.
The company's 2011 guidance include net sales to be in between $3.7 to $3.8 billion, operating income of $900 to $970m, earnings per fully diluted share of $9.25 to $9.75, total capital spending of $1 to $1.1 billion and operating cash flow of $0.8 to $1 billion.
Quarterly net sales decreased slightly from $568m in the first quarter of 2010, primarily due to lower average selling prices, said First Solar.
Quarter over quarter, the net income decrease was primarily driven by lower net sales and gross margin. Year over year, the net income decrease was primarily driven by reduced average selling prices and higher expenses, partially offset by increased module production and lower module cost per watt.
Rob Gillette, CEO of First Solar, said: â€œDespite European market uncertainties, First Solar has good visibility into our demand for 2011. We continue to execute our cost roadmaps, invest in new module capacity, build our project pipeline and develop promising new markets around the world.â€
Will the post positive net sales in Q2?
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