EXHIBIT 99.1

News Release

First Solar, Inc. Announces Third Quarter 2014 Financial Results

• Net sales of $889 million

• GAAP earnings per fully diluted share of $0.87

• Cash and Marketable Securities of $1.1 billion, Net Cash of $0.9 billion

• Maintain 2014 guidance for EPS of $2.40 to $2.80 and operating cash flow of $300 - $500M

• 521MW_dc of new bookings. Year to date bookings of 1.7GW_dc 

TEMPE, Ariz., Nov. 6, 2014 - First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the third quarter of 2014. Net sales were $889 million in the quarter, an increase of $345 million from the second quarter of 2014. The sequential increase in net sales resulted primarily from increased revenue recognition on the Desert Sunlight project.

The Company reported a third quarter GAAP earnings per fully diluted share of $0.87, compared to earnings of $0.04 in the prior quarter. The increase in net income compared to the prior quarter was due to higher profit from the Desert Sunlight project and other systems projects under construction, partially offset by an increase in operating expenses. The sequential increase in net income was also due to a one-time income tax benefit in the third quarter of $0.26 per fully diluted share.

Cash and marketable securities at the end of the third quarter were approximately $1.1 billion, a decrease of approximately $234 million compared to the prior quarter. Cash flows used in operations were $47 million in the third quarter. The reduction in cash and marketable securities during the quarter was due to the construction of multiple utility scale power plants which have not yet been sold. The Company continues to construct these projects while determining the optimal sales strategy for these projects.

The Company maintained its full year 2014 earnings per share guidance of $2.40 to $2.80 and operating cash flow guidance of $300 to $500 million. Other financial guidance items have been updated as shown in the table below.

2014 Guidance Update	Prior	Current
Net Sales	$3.7B to $4.0B	$3.6B to $3.9B
Gross Margin (%)	18% to 19%	19% to 20%
Operating Expenses	$380M to $395M	$390M to $400M
Operating Income	$290M to $340M	$300M to $340M
Effective Tax Rate	15% to 20%	18% to 20%*
Earnings Per Share	$2.40 to $2.80	Unchanged*
Operating Cash Flow	$300M to $500M	Unchanged
Capital Expenditures	$300M to $350M	$250M to $300M
Production	1.8GW to 1.9GW	Unchanged
*Excludes impact of $0.26 per share one-time tax benefit in Q3’14

“Following the project delays experienced in the prior quarter, our third quarter earnings have improved, and we continue to make progress towards our financial targets for the year” said Jim Hughes, CEO of First Solar. “Our year to date book-to-bill ratio is well above our objective of a one-to-one ratio, and we are on track to meet or exceed our bookings goal for the year.”

First Solar has scheduled a conference call for today, November 6, 2014 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call is available at http://investor.firstsolar.com/events.cfm.

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An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Thursday, November 13, 2014 at 7:30 p.m. ET and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 5135099. A replay of the webcast will be available on the Investors section of the Company’s website approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.

About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The Company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs, warranties, solar module efficiency and balance of systems (BoS) cost reduction roadmaps, restructuring, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct photovoltaic (PV) solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in Item 1A: "Risk Factors," of our Annual Report on Form 10-K for the year ended December 31, 2013, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.

Contacts

First Solar Investors

David Brady

+1 602-414-9315

dbrady@firstsolar.com

or

Steve Haymore

+1 602-414-9315

stephen.haymore@firstsolar.com

First Solar Media

Steve Krum

+1 602-427-3359

steve.krum@firstsolar.com

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FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	September 30, 2014		December 31, 2013
ASSETS
Current assets:
Cash and cash equivalents	$	622,523	$	1,325,072
Marketable securities	492,875		439,102
Accounts receivable trade, net	282,783		136,383
Accounts receivable, unbilled and retainage	538,913		521,323
Inventories	445,201		388,951
Balance of systems parts	101,120		133,731
Deferred project costs	546,409		556,957
Deferred tax assets, net	62,372		63,899
Assets held for sale	20,728		132,626
Note receivable, affiliate	7,829		—
Prepaid expenses and other current assets	132,273		94,720
Total current assets	3,253,026		3,792,764
Property, plant and equipment, net	1,384,429		1,385,084
PV solar power systems, net	47,901		—
Project assets and deferred project costs	645,477		720,916
Deferred tax assets, net	228,661		296,603
Restricted cash and investments	489,388		279,441
Goodwill	84,985		84,985
Other intangible assets, net	119,448		117,416
Inventories	113,111		129,664
Other assets	73,528		76,629
Total assets	$	6,439,954	$	6,883,502
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	219,997	$	261,333
Income taxes payable	5,346		6,707
Accrued expenses	348,602		320,077
Current portion of long-term debt	54,607		60,543
Billings in excess of costs and estimated earnings	133,779		117,766
Payments and billings for deferred project costs	100,264		642,214
Other current liabilities	56,077		179,421
Total current liabilities	918,672		1,588,061
Accrued solar module collection and recycling liability	247,441		225,163
Long-term debt	163,646		162,780
Other liabilities	316,978		404,381
Total liabilities	1,646,737		2,380,385
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 100,209,077 and 99,506,941 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	100		100
Additional paid-in capital	2,682,199		2,646,022
Accumulated earnings	2,087,731		1,882,771
Accumulated other comprehensive income (loss)	23,187		(25,776		)
Total stockholders’ equity	4,793,217		4,503,117
Total liabilities and stockholders’ equity	$	6,439,954	$	6,883,502

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FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Net sales	$	889,310		$	1,265,587		$	2,383,821		$	2,540,552
Cost of sales	700,023			901,553			1,865,098			1,867,094
Gross profit	189,287			364,034			518,723			673,458
Operating expenses:
Research and development	37,593			34,984			109,025			95,879
Selling, general and administrative	66,528			63,870			182,859			204,600
Production start-up	1,406			—			1,897			2,768
Restructuring and asset impairments	—			57,276			—			62,004
Total operating expenses	105,527			156,130			293,781			365,251
Operating income	83,760			207,904			224,942			308,207
Foreign currency gain (loss)	169			(705		)	(389		)	(155		)
Interest income	4,297			4,197			13,151			12,549
Interest expense, net	(89		)	(275		)	(1,429		)	(1,900		)
Other expense, net	(6,821		)	(2,433		)	(11,737		)	(2,762		)
Income before income taxes	81,316			208,688			224,538			315,939
Income tax (benefit) expense	(7,108		)	13,650			19,579			28,161
Net income	$	88,424		$	195,038		$	204,959		$	287,778
Net income per share:
Basic	$	0.88		$	1.98		$	2.05		$	3.14
Diluted	$	0.87		$	1.94		$	2.02		$	3.08
Weighted-average number of shares used in per share calculations:
Basic	100,197			98,720			99,981			91,751
Diluted	101,415			100,378			101,686			93,517

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