- Net sales of $3.3 billion for 2023 and $1.2 billion for the
fourth quarter
- Net income per diluted share of $7.74 for 2023 and $3.25 for
the fourth quarter
- 2023 year-end net cash balance of $1.6 billion
- 2023 net bookings of 28.3 GW; 2.3 GW since third quarter
earnings call at a base ASP of 31.8 c/w
- 2024 net sales guidance of $4.4 billion to $4.6
billion
- 2024 EPS guidance of $13.00 to $14.00 per diluted
share
- 2024 year-end net cash balance guidance of $0.9 billion to
$1.2 billion
First Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced
financial results for the fourth quarter and year ended December
31, 2023.
Net sales for the fourth quarter were $1.2 billion, an increase
of $0.4 billion from the prior quarter. The increase was primarily
a result of increased module sales in the fourth quarter. Net sales
for the full year 2023 were $3.3 billion compared to $2.6 billion
in the prior year. This increase was driven by higher module
volumes sold and average selling prices (“ASPs”).
The Company reported fourth quarter net income per diluted share
of $3.25 and full year net income per diluted share of $7.74.
Cash, cash equivalents, restricted cash, restricted cash
equivalents, and marketable securities, less debt at the end of the
fourth quarter increased to $1.6 billion from $1.3 billion at the
end of the prior quarter. The increase was primarily a result of
operating cash flows, offset by capital expenditures related to
manufacturing capacity expansions in Alabama, Ohio, Louisiana, and
India.
“Few years have been as consequential to our long-term growth
strategy as 2023,” said Mark Widmar, CEO of First Solar. “Over the
past year, we scaled manufacturing capacity, mobilized at our
latest announced facility in Louisiana, produced and shipped a
record volume of modules, expanded our contracted backlog to
historic levels, increased R&D investment, and continued to
evolve our technology and product roadmap.”
Forecasted net sales for 2024 are $4.4 billion to $4.6 billion.
Operating income is forecasted to be $1.5 billion to $1.6 billion,
which includes production start-up expense of $85 million to $95
million, underutilization costs associated with factory ramp of $40
million to $60 million, and Section 45X tax credits of $1.0 billion
to $1.05 billion. Forecasted net income per diluted share is $13.00
to $14.00. The year-end 2024 net cash balance is projected to be in
the range of $0.9 billion to $1.2 billion. The complete 2024
guidance is as follows:
2024 Guidance
Net Sales
$4.4B to $4.6B
Gross Margin (1)
$2.0B to $2.1B
Operating Expenses (2)
$455M to $485M
Operating Income (3)
$1.5B to $1.6B
Earnings per Diluted Share
$13.00 to $14.00
Net Cash Balance (4)
$0.9B to $1.2B
Capital Expenditures
$1.7B to $1.9B
Volume Sold
15.6GW to 16.3GW
——————————
(1)
Includes $40 million to $60 million of
ramp costs and $1.0 billion to $1.05 billion of Section 45X tax
credits
(2)
Includes $85 million to $95 million of
production start-up expense
(3)
Includes $125 million to $155 million of
production start-up expense and ramp costs, and $1.0 billion to
$1.05 billion of Section 45X tax credits
(4)
Defined as cash, cash equivalents,
restricted cash, restricted cash equivalents, and marketable
securities, less expected debt at the end of 2024
The guidance figures presented above are forward-looking
statements that are subject to a variety of assumptions and
estimates, including with respect to certain factors related to the
Inflation Reduction Act of 2022 (the “IRA”). Among other things,
such factors include (i) the total advanced manufacturing
production credit available to us under Section 45X of the Internal
Revenue Code and (ii) the timing and ability to monetize such
credit. Investors are encouraged to listen to the conference call
and to review the accompanying materials, which contain more
information about First Solar’s fourth quarter and full year 2023
financial results, 2024 guidance, and financial outlook.
Conference Call Details
First Solar has scheduled a conference call for today, February
27, 2024 at 4:30 p.m. ET, to discuss this announcement. A live
webcast of this conference call and accompanying materials are
available at investor.firstsolar.com. An audio replay of the
conference call will be available through Thursday, March 28, 2024
and can be accessed by dialing +1 (800) 770-2030 if you are calling
from within the United States or +1 (647) 362-9199 if you are
calling from outside the United States and entering the replay
passcode 92259. A replay of the webcast will also be available on
the Investors section of the Company’s website approximately two
hours after the conclusion of the call and remain available for 30
days.
About First Solar, Inc.
First Solar is a leading American solar technology company and
global provider of responsibly-produced eco-efficient solar modules
advancing the fight against climate change. Developed at research
and development labs in California and Ohio, the Company’s advanced
thin film photovoltaic (“PV”) modules represent the next generation
of solar technologies, providing a competitive, high-performance,
lower-carbon alternative to conventional crystalline silicon PV
panels. From raw material sourcing and manufacturing through
end-of-life module recycling, First Solar’s approach to technology
embodies sustainability and a responsibility towards people and the
planet. For more information, 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. All statements in this release,
other than statements of historical fact, are forward-looking
statements. These forward-looking statements include, but are not
limited to, statements concerning: demand for our technology;
increased research and development investment; new domestic and
international capacity coming online; production and delivery of
our new Series 7 modules; our financial guidance for 2024,
including future financial results, net sales, gross margin,
operating expenses, operating income, earnings per diluted share,
net cash balance, capital expenditures, volume sold, shipments,
bookings, products and our business and financial objectives for
2024; the availability of benefits under certain production linked
incentive programs, and the impact of the IRA including the total
advanced manufacturing production credit available to us under
Section 45X of the Internal Revenue Code. These forward-looking
statements are often characterized by the use of words such as
“estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,”
“seek,” “believe,” “forecast,” “foresee,” “likely,” “may,”
“should,” “goal,” “target,” “might,” “will,” “could,” “predict,”
“continue,” “contingent” 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 and therefore speak only as of the
date of this release. 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, whether as
a result of new information, future developments or otherwise.
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 our forward-looking
statements. These factors include, but are not limited to:
structural imbalances in global supply and demand for PV solar
modules; our competitive position and other key competitive
factors; the reduction, elimination, expiration or introduction of
government subsidies, policies, and support programs for solar
energy projects; the impact of public policies, such as tariffs or
other trade remedies imposed on solar cells and modules; the
passage of legislation intended to encourage renewable energy
investments through tax credits, such as the IRA; the impact of the
IRA on our expected results of operations in future periods, which
may be affected by technical guidance, regulations, subsequent
amendments or interpretations of the law; interest rate
fluctuations and both our and our customers’ ability to secure
financing; changes in the exchange rates between the functional
currencies of our subsidiaries and other currencies in which assets
and liabilities are denominated; our ability to execute on our
long-term strategic plans; the loss of any of our large customers,
or the ability of our customers and counterparties to perform under
their contracts with us; our ability to execute on our solar module
technology and cost reduction roadmaps; our ability to improve the
wattage of our solar modules; our ability to incorporate technology
improvements into our manufacturing process, including the
production of bifacial solar modules and the implementation of our
Copper Replacement (“CuRe”) program; the satisfaction of conditions
precedent in our sales agreements; our ability to attract new
customers and to develop and maintain existing customer and
supplier relationships; general economic and business conditions,
including those influenced by U.S., international, and geopolitical
events; environmental responsibility, including with respect to
cadmium telluride (“CdTe”) and other semiconductor materials;
claims under our limited warranty obligations; changes in, or the
failure to comply with, government regulations and environmental,
health, and safety requirements; effects arising from and results
of pending litigation; future collection and recycling costs for
solar modules covered by our module collection and recycling
program; supply chain disruptions, including demurrage and
detention charges; our ability to protect our intellectual
property; our ability to prevent and/or minimize the impact of
cyber-attacks or other breaches of our information systems; our
continued investment in research and development; the supply and
price of components and raw materials, including CdTe; our ability
to construct new production facilities to support new product
lines; evolving corporate governance and public disclosure
regulations and expectations, including with respect to
environmental, social and governance matters; our ability to avoid
manufacturing interruptions, including during the ramp of our
Series 7 modules manufacturing facilities; our ability to attract
and retain key executive officers and associates; the severity and
duration of public health threats, including the potential impact
on our business, financial condition, and results of operations;
and the matters discussed under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” of our most recent Annual Report on Form
10-K, as supplemented by our other filings with the Securities and
Exchange Commission.
FIRST SOLAR, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
data)
December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
1,946,994
$
1,481,269
Marketable securities
155,495
1,096,712
Accounts receivable trade, net
660,776
324,337
Government grants receivable, net
659,745
—
Inventories
819,899
621,376
Other current assets
391,900
267,727
Total current assets
4,634,809
3,791,421
Property, plant and equipment, net
4,397,285
3,536,902
Deferred tax assets, net
142,819
78,680
Restricted marketable securities
198,310
182,070
Government grants receivable
152,208
—
Goodwill
29,687
14,462
Intangible assets, net
64,511
31,106
Inventories
266,899
260,395
Other assets
478,604
356,192
Total assets
$
10,365,132
$
8,251,228
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
207,178
$
341,409
Income taxes payable
22,134
29,397
Accrued expenses
524,829
382,782
Current portion of debt
96,238
—
Deferred revenue
413,579
263,215
Other current liabilities
42,200
21,245
Total current liabilities
1,306,158
1,038,048
Accrued solar module collection and
recycling liability
135,123
128,114
Long-term debt
464,068
184,349
Deferred revenue
1,591,604
944,725
Other liabilities
180,710
119,937
Total liabilities
3,677,663
2,415,173
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share;
500,000,000 shares authorized; 106,847,475 and 106,609,094 shares
issued and outstanding at December 31, 2023 and 2022,
respectively
107
107
Additional paid-in capital
2,890,427
2,887,476
Accumulated earnings
3,971,066
3,140,289
Accumulated other comprehensive loss
(174,131
)
(191,817
)
Total stockholders’ equity
6,687,469
5,836,055
Total liabilities and stockholders’
equity
$
10,365,132
$
8,251,228
FIRST SOLAR, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per
share amounts)
Three Months Ended
Year Ended
December 31,
2023
September 30,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Net sales
$
1,158,553
$
801,090
$
1,002,391
$
3,318,602
$
2,619,319
Cost of sales
656,520
424,915
941,778
2,017,923
2,549,461
Gross profit
502,033
376,175
60,613
1,300,679
69,858
Operating expenses:
Selling, general and administrative
57,094
50,172
42,734
197,622
164,724
Research and development
43,862
41,190
31,284
152,307
112,804
Production start-up
9,847
12,059
32,740
64,777
73,077
Litigation loss
—
—
—
35,590
—
Total operating expenses
110,803
103,421
106,758
450,296
350,605
Gain on sales of businesses, net
6,554
211
239
6,883
253,511
Operating income (loss)
397,784
272,965
(45,906
)
857,266
(27,236
)
Foreign currency loss, net
(9,947
)
(987
)
(4,373
)
(21,533
)
(16,414
)
Interest income
23,565
23,254
18,330
97,667
33,284
Interest expense, net
(7,068
)
(3,734
)
(3,133
)
(12,965
)
(12,225
)
Other (expense) income, net
(27,653
)
(1,033
)
28,510
(29,145
)
31,189
Income (loss) before taxes
376,681
290,465
(6,572
)
891,290
8,598
Income tax expense
(27,442
)
(22,067
)
(976
)
(60,513
)
(52,764
)
Net income (loss)
$
349,239
$
268,398
$
(7,548
)
$
830,777
$
(44,166
)
Net income (loss) per share:
Basic
$
3.27
$
2.51
$
(0.07
)
$
7.78
$
(0.41
)
Diluted
$
3.25
$
2.50
$
(0.07
)
$
7.74
$
(0.41
)
Weighted-average number of shares used in
per share calculations:
Basic
106,844
106,834
106,606
106,795
106,551
Diluted
107,558
107,498
106,606
107,372
106,551
FIRST SOLAR, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
Years Ended December
31,
2023
2022
2021
Cash flows from operating
activities:
Net income (loss)
$
830,777
$
(44,166
)
$
468,693
Adjustments to reconcile net income (loss)
to cash provided by operating activities:
Depreciation, amortization and
accretion
307,994
269,724
259,900
Impairments and net losses on disposal of
long-lived assets
1,568
63,338
22,876
Share-based compensation
34,219
28,656
20,902
Deferred income taxes
(60,813
)
(12,799
)
49,847
Gain on sales of businesses, net
(6,883
)
(253,511
)
(147,284
)
Loss (gain) on sales of marketable
securities and restricted marketable securities
9
—
(11,696
)
Liabilities assumed by customers for the
sale of systems
—
(145,281
)
(85,490
)
Gain on debt forgiveness
—
(30,201
)
—
Other, net
22,053
(1,029
)
(3,484
)
Changes in operating assets and
liabilities:
Accounts receivable, trade and
unbilled
(304,183
)
118,724
(96,951
)
Inventories
(205,106
)
16,693
(136,365
)
Project assets and PV solar power
systems
8,626
(14,336
)
23,402
Government grants receivable
(659,745
)
—
—
Other assets
(224,333
)
(72,602
)
(69,942
)
Income tax receivable and payable
8,656
43,592
(13,062
)
Accounts payable and accrued expenses
79,328
5,569
48,968
Deferred revenue
783,207
912,946
47,062
Other liabilities
(13,114
)
(11,948
)
(139,817
)
Net cash provided by operating
activities
602,260
873,369
237,559
Cash flows from investing
activities:
Purchases of property, plant and
equipment
(1,386,775
)
(903,605
)
(540,291
)
Purchases of marketable securities and
restricted marketable securities
(3,612,801
)
(3,375,008
)
(2,147,136
)
Proceeds from sales and maturities of
marketable securities and restricted marketable securities
4,563,890
2,646,787
2,294,595
Proceeds from sales of businesses, net of
cash and restricted cash sold
7,680
442,302
300,499
Acquisitions, net of cash acquired
(35,739
)
—
—
Other investing activities
(9,046
)
(3,050
)
(6,707
)
Net cash used in investing activities
(472,791
)
(1,192,574
)
(99,040
)
Cash flows from financing
activities:
Proceeds from borrowings under debt
arrangements, net of issuance costs
367,983
397,380
129,215
Repayment of debt
—
(75,896
)
(72,676
)
Payments of tax withholdings for
restricted shares
(31,130
)
(12,092
)
(15,989
)
Net cash provided by financing
activities
336,853
309,392
40,550
Effect of exchange rate changes on cash,
cash equivalents, restricted cash, and restricted cash
equivalents
5,285
47,438
3,174
Net increase in cash, cash equivalents,
restricted cash, and restricted cash equivalents
471,607
37,625
182,243
Cash, cash equivalents, restricted cash,
and restricted cash equivalents, beginning of the period
1,493,462
1,455,837
1,273,594
Cash, cash equivalents, restricted cash,
and restricted cash equivalents, end of the period
$
1,965,069
$
1,493,462
$
1,455,837
Supplemental disclosure of noncash
investing and financing activities:
Property, plant and equipment acquisitions
funded by liabilities
$
249,455
$
315,961
$
61,598
Proceeds to be received from asset-based
government grants
$
152,208
$
—
$
—
Acquisitions funded by contingent
consideration
$
18,500
$
—
$
—
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version on businesswire.com: https://www.businesswire.com/news/home/20240227422140/en/
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