First Solar (FSLR) Q3 2021 results

Premier Solaire Inc.

Source: Premier Solar

First Solar’s net sales decreased in third quarterthe company said Thursday amid ongoing supply chain problems.

According to the quarterly report, First Solar shares slipped by up to 5% in after-hours trading.

Here’s how the company went against analyst expectations, as compiled by Refinitiv:

  • Profits: 42 cents per share
  • Returned: $ 584 million versus $ 685 million expected

Wall Street analysts expected the company to make 59 cents a share. It was not immediately clear whether the reported number was in line with the estimates.

Third quarter results compare with earnings per share of 77 cents per share on revenue of $ 629 million in the second quarter and $ 1.45 per share on quarterly revenue of $ 928 million Previous year.

First Solar announced that it produced 2 gigawatts of modules in the third quarter despite the current freight and pandemic challenges. During this time the company began building and purchasing equipment for new factories in Ohio and India.

The company reiterated its 2021 revenue forecast of between $ 2.88 billion and $ 3.1 billion. The company increased its expected cash from a previous high-end forecast of $ 1.45 billion to $ 1.55 billion, while it said capital expenditures for the full year will be lower than previously thought.

First Solar plans to deliver between 7.6 gigawatts and 8 gigawatts of product for 2021.