First Solar’s first quarter was transitional as the company executed on its 31 percent ownership stake in its YieldCo, 8point3 Energy Partners. This quarter has the vertically integrated developer hardily beating Street expectations with net sales of $896 million, a 1:1 book-to-bill ratio and a factory that will soon be sold out through 2016.
Net sales were up $427 million from the first quarter due to “increased revenue recognition on the Silver State South project and the sale of majority interests in the North Star and Lost Hills-Blackwell projects.” The company had second-quarter GAAP earnings of $0.93 per fully diluted share, versus a loss of ($0.62) in the previous quarter.Â