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First Solar narrows net loss in Q2'19, misses estimates

First Solar Inc. on Aug. 1 reported a 2019 second-quarter net loss of $18.5 million, or negative 18 cents per share, compared to a net loss of $48.5 million, or a loss of 46 cents per share, in the comparable quarter in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 2 cents.

The company reported net sales of $585.0 million in the second quarter, up from $309.3 million a year ago.

Year-to-date bookings totaled 4.3 GW DC.

For 2019, First Solar continues to target EPS of $2.25 to $2.75, net sales of $3.5 billion to $3.7 billion and a net cash balance of $1.7 billion to $1.9 billion.

The company now expects gross margin of 18.5% to 19.5% compared to the previous 18% to 19% range, operating expenses of $360 million to $380 million compared to the previous $370 million to $390 million and operating income of $290 million to $340 million compared to the previous $260 million to $310 million range.