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First Solar initiates 2018 earnings guidance

First Solar Inc. on Dec. 5 initiated full-year 2018 earnings per share guidance at a range of $1.25 to $1.75 on forecast net sales between $2.3 billion and $2.5 billion.

The targeted EPS includes production ramp costs of about $60 million and production start-up expenses of approximately $110 million related to the deployment of the company's series 6 photovoltaic solar panels in 2018. The EPS guidance also includes projected restructuring related expenses of approximately $10 million.

Meanwhile, solar power systems net sales are expected to comprise 75% to 80% of projected net sales for 2018, with third-party module sales accounting for the remainder.

The company's 2018 GAAP operating income is expected to be in the range of $110 million to $170 million, while operating expenses are expected to fall to between $400 million to $410 million. Ending cash balance for 2018 is expected to be between $1.6 billion and $1.8 billion, capital expenditure is estimated to be in the range of $650 million to $750 million, and operating cash flow is expected to fall to a range of $100 million to $200 million.