First Solar, Inc. Announces Full-Year 2020 Guidance

Net sales of $2.7 to $2.9 billion

EPS of $3.25 to $3.75, inclusive of ramp costs, start-up expenses, Series 4 shutdown costs, and other severance costs of approximately $95 million

Ending net cash of $1.3 to $1.5 billion

Company to review options for its U.S. project development business

PVTIME – First Solar, Inc. (Nasdaq: FSLR) today announced full-year 2020 guidance.

Forecasted net sales for 2020 are $2.7 to $2.9 billion, with third party module net sales expected to comprise approximately 70% of the total net sales. Earnings per share (“EPS”) is forecasted to be between $3.25 and $3.75. The EPS guidance provided is inclusive of production ramp costs of $5 to $15 million, production start-up expenses of $50 to $60 million associated with the deployment of Series 6 capacity in 2020 and approximately $30 million of Series 4 shutdown and other severance costs. The 2020 ending net cash balance is projected to be in the range of $1.3 to $1.5 billion. The complete 2020 guidance is as follows:

First Solar also announced today that it, working together with advisors, is reviewing options for its U.S. project development business.

“First Solar, at its core, is a technology and module manufacturing company,” said Mark Widmar, CEO of First Solar. “Given the significant evolution of developing utility-scale PV projects in the United States, we believe now is an appropriate time to evaluate our options with respect to our U.S. project development business line.”

The consideration of potential options for its U.S. project development business by First Solar is at a preliminary stage and may not result in any transaction being consummated.  First Solar does not intend to disclose further developments with respect to this evaluation process except to the extent the process is concluded or it is required by law or otherwise deemed appropriate.

First Solar has scheduled a conference call for today, February 20, 2020 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com.

The guidance figures presented above are subject to a variety of assumptions and estimates. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar’s 2020 Guidance.

An audio replay of the conference call will be available through Thursday, February 27, 2020 and can be accessed by dialing +1 (800) 585-8367 if you are calling from within the United States or +1 (416) 621-4642 if you are calling from outside the United States and entering the replay pass code 5717879. A replay of the webcast will also be available on the Investors section of the Company’s website approximately five hours after the conclusion of the call and remain available for 90 days.