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Reports net sales of $642 million, an increase of $110 million from the prior quarter, primarily due to the sale of the American Kings project.
August 12, 2020
By: DAVID SAVASTANO
First Solar, Inc. announced financial results for the second quarter ended June 30, 2020. “We remain pleased with our operational performance with strong metrics across the board,” said Mark Widmar, CEO of First Solar. “Our COVID-19 response continues to center on balancing our top priority of safety with meeting our commitments to our customers. This approach, together with our associates’ dedication, and the strengths of our differentiated business model, enabled us to deliver solid financial results for the second quarter.” Net sales for the second quarter were $642 million, an increase of $110 million from the prior quarter, primarily due to the sale of the American Kings project. The company reported second quarter net income per share of $0.35, compared to net income per share of $0.85 in the first quarter of 2020. Cash, restricted cash, and marketable securities at the end of the second quarter totaled $1,642 million, an increase of $44 million from the prior quarter, primarily due to cash collections on systems projects in the US and module segment operating cash flows.
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