| SunEdison’s Net Losses Increase More than Fivefold in 2Q15 | |
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The Sun Shines on FirstSolar in 2Q15 as SunEdison Faces Headwinds (Continued from Prior Part) Operating profit
In Part 9, we had a look at FirstSolar’s (FSLR) profitability metrics in 2Q15. While FSLR reported a surge in operating profit, SunEdison’s (SUNE) operating losses widened to $173 million in 2Q15 from $110 million in 2Q14 due to a substantial increase in operating costs, as we discussed in Part 7.
Net losses
SunEdison’s net losses widened to $256 million in 2Q15 from $65 million in 2Q14. Apart from a wider operating loss, increased interest expenses ($146 million) and a loss on debt prepayment ($64 million) were the key reasons behind the wider losses. On a per-share basis, the losses came in at $0.89 in 2Q15 against $0.16 in 2Q14. SunEdison’s 2Q15 earnings sharply contrast with FirstSolar’s (FSLR), its closest peer in the solar (TAN) power segment. As we discussed in the previous part of this series, FSLR’s net income jumped twenty-fold in 2Q15.
Cash flows
The company’s operating cash flows in 2Q15 came in at -$621 million in 2Q15 due to losses and adverse working capital changes.
The company spent $65 million on capex during the quarter. Higher investment in projects as well as cash paid for acquisitions drove the company’s investing cash flows, which came in at -$1.9 billion. During the quarter, the company, along with TerraForm (TERP), acquired Atlantic Power Transmission’s five operating wind projects with a total capacity of 521 megawatts for $347 million in cash. Plus, TerraForm Global (GLBL) acquired wind energy projects in China during the quarter.
The negative operating and investing cash flows were largely funded by higher debt.
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First Solar est une société basée aux Etats-Unis D'Amerique. First Solar est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 26,7 milliards US$ (23,9 milliards €). La valeur de son action a atteint son plus bas niveau récent le 11 juin 2010 à 100,19 US$, et son plus haut niveau récent le 27 septembre 2024 à 255,75 US$. First Solar possède 104 270 000 actions en circulation. |