US module manufacturer First Solar, Inc announced net sales for Q3 2017 of $1.1 billion, an increase of $464 million from the prior quarter primarily due to the sale of the California Flats and Cuyama projects, and higher third-party module sales. Net income increased to $205 million (Q3 2016: $150 million) »as a result of higher net sales, improved gross margin and lower restructuring charges,« according to the company. »Third quarter results were highlighted by record bookings and strong earnings resulting from the sale of our California Flats project,« said Mark Widmar, CEO of First Solar.
Regarding the nine month ended September 30, First Solar achieved sales of $2.6 billion ($2.5 billion) and net income of $266 million ($334 million).
The company updated 2017 guidance and expects sales of $3.0 billion to $3.1 billion (unchanged), operating income of $165 million to $190 million (formerly announced $115 million $180 million) and shipments of 2.6 GW to 2.7 GW (unchanged).
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