Q1 2014 Earnings Call Transcript

Transcript Call Date 05/06/2014

Operator: Good afternoon everyone and welcome to First Solar's First Quarter 2014 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 Mr. David Brady, Vice President of Treasury and Investor Relations for First Solar, Incorporated. Mr. Brady, you may begin.

David Brady - VP, Treasury and IR: Thank you. Good afternoon, everyone, and thank you for joining us. Today the Company issued a press release announcing its financial results for the first quarter. 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 Q1 results and a review of our project bookings and opportunities year-to-date. Then Mark will discuss our first quarter results in detail and provide an update through 2014 guidance. 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. Please note that during the course of this call, the Company will make projections and other comments that are forward-looking statements within the meaning of the Federal Securities Laws.

The forward-looking statements in this call are based on current information and expectations are subject to uncertainties and changes in circumstances and do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially from those statements, including the risks as described in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

First Solar assumes no obligation to update any forward-looking information contained in this call or with respect to the announcements described herein.

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

James A. Hughes - CEO: Thanks, David. Good afternoon, and thank you for joining us for our first quarter 2014 earnings call.

First off, I would like to thank everyone who attended our Analyst Day in March, be it in person or be it webcast. We appreciated the opportunity to share with your our outlook for the Company and the industry at large, and particularly the tremendous response the event received.

Now turning to our performance in Q1; I will begin by taking a moment to recognize some of this quarter's achievements. We had earnings per share of $1.10 on a GAAP basis on revenue of $950 million both significantly above prior guidance and consensus' expectations.

Although it is early days, our business development team booked 404 megawatts DC of new business year-to-date compared to shipments of 312 megawatts in the quarter, resulting in a book-to-bill ratio of greater than 1.

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