First Solar reported third quarter net sales of US$889 million, an increase of US$345 million from the second quarter of 2014. However, project delays would result in full-year revenue guidance lowered by US$100 million to a range of US$3.6 billion to US$3.9 billion.
The sequential increase in net sales resulted primarily from increased revenue recognition on the Desert Sunlight project, according to First Solar.
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The company reported a gross margin of 21.3%, up from prior guidance and up 4.3 percent points from the previous quarter. First Solar said that operating income was US$81.9 million, down slightly from US$83.8 million in the prior quarter.
First Solar said that capital expenditures for the full-year would be between US$250 million to US$300 million, down from a range of US$300 million to US$350 million, without providing details behind the reduction.
Management noted in the call that it had no plans to create a yieldco financial vehicle.
Potential PV project pipeline grew around 1GW in the quarter to 13.7GW.
