First Solar reports financial results for third quarter

First Solar - AP photo

First Solar reported financial results for the third quarter ended September 30, 2021.

First Solar’s sales for the third quarter were $584 million, a decrease of $46 million from the prior quarter, primarily due to lower systems segment revenue, which was partially offset by an increase in module segment revenue.

First Solar’s operating income for the third quarter was $51 million. Third quarter operating income included depreciation and amortization of $66 million, underutilization and production start-up of $9 million, and share-based compensation of $6 million.

First Solar produced 2.0 GWDC of modules in the third quarter, and increased top production bin to 465 watts in October.

“We started construction of the building for our third Ohio factory, and began ordering equipment for our first factory in India. We increased our record year-to-date bookings to 10.5 GWDC,” Mark Widmar, CEO of First Solar, said.