Q4 2013 Earnings Call Transcript

Transcript Call Date 02/25/2014

Operator: Good afternoon everyone and welcome to First Solar's Fourth Quarter 2013 Earnings Call. This call is being webcast live on the Investors' section of First Solar's website at firstsolar.com. At this time, all participants are in a listen-only mode. As a reminder, today's call is being recorded.

I would now like to turn the call over to David Brady, Vice President of Treasury and Investor Relations for First Solar, Inc. Mr. Brady, you may begin.

David Brady - VP, Treasury and IR: Thank you, operator. Good afternoon, everyone, and thank you for joining us. Today the Company issued a press release announcing its financial results for the fourth quarter and full year 2013. A copy of the press release and the presentation are available on the Investors' section of First Solar's website at firstsolar.com.

With me today are Jim Hughes, Chief Executive Officer and Mark Widmar, Chief Financial Officer. Jim will provide a summary of our achievements in 2013 and an update on significant business and technology development. Then Mark will discuss our fourth quarter and full year results and provide guidance for the first quarter of 2014. We will then open up the call for questions.

Most of the financial numbers reported and discussed on today's call are based on U.S. Generally Accepted Accounting Principles, in a few cases where we report non-GAAP measures, we have provided a reconciliation to GAAP equivalent at the back of our presentation.

This call will also include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectation. Please review the Safe Harbor statements contained in the press release and the slides published today for a more complete discussion.

It is now my pleasure to introduce our Chief Executive Officer, Jim Hughes. Jim?

James A. Hughes - CEO: Thanks David. Good afternoon and thanks for joining us for our fourth quarter 2013 earnings call. Today we announced another significant milestone for First Solar, a new record for CdTe cell efficiency at 20.4%. This record was set using materials and processes used in the manufacturing environment certified at the Newport Corporation's Technology & Application Center PV Lab and confirmed by the U.S. Department of Energy's NREL. This breaks the previous record of 19.6% set by GE Global Research in 2013.

Last April, First Solar and GE announced the solar technology partnership in which First Solar acquired GE's CdTe cell solar and electrical property and secured a collaborative research partnership with GE's R&D team. This partnership was formed to accelerate innovation in PV technology and accelerate solar module performance at manufacturing scale. This record marks another achievement in our mission to unlock the industry-changing potential of CdTe cell photovoltaic.

First Solar's new CdTe cell research cell conversion efficiency matches the research cell efficiency record of multicrystalline silicon, another technology used in a PV solar market. We are demonstrating improvement in CdTe cell photovoltaic performance at a rate that dramatically outstrips the trajectory of conventional silicon technologies, which have already plateaued near their ultimate entitlements. The synergy realized in our partnership with GE also demonstrates the value of our consistent and strong investment in R&D.

Read our Earnings Call Transcript disclaimer.
Add a Comment
E-mail me new replies.