First Solar, Inc. (Nasdaq: FSLR) today announced financial results
for the fourth quarter and year ended December 31, 2021. Net
sales for the fourth quarter were $0.9 billion, an increase of
$0.3 billion from the prior quarter. The increase was
primarily a result of international project sales and increased
module sales in the fourth quarter.
“I would like to express my gratitude to the
entire First Solar team for their hard work and perseverance in a
year where much of the solar PV manufacturing industry faced supply
chain, logistics, cost, and pandemic-related challenges,” said Mark
Widmar, CEO of First Solar. “Despite these dynamics, our full year
2021 earnings per diluted share result came in above the mid-point
of the guidance range we provided at the time of our third quarter
earnings call, and is solidly within the original guidance range
provided last February.”
The Company reported fourth quarter net income
per diluted share of $1.23, and full year net income per diluted
share of $4.38.
Cash, cash equivalents, restricted cash, and
marketable securities at the end of the fourth quarter decreased to
$1.8 billion from $1.9 billion at the end of the prior
quarter. The decrease was primarily a result of capital
expenditures related to expansion in India and Ohio and operating
expenses.
Forecasted net sales for 2022 are
$2.4 billion to $2.6 billion. Operating income is
forecasted to be $55 million to $150 million, which
includes production start-up expense of $85 million to
$90 million, underutilization losses related to factory
upgrades of $10 million to $15 million, and a pre-tax
gain related to the potential sale of the Japan project development
and O&M platform of approximately $270 million to
$290 million. Forecasted net income per diluted share is $0.00
to $0.60. The year-end 2022 ending net cash balance is projected to
be in the range of $1.1 billion to $1.35 billion. The
complete 2022 guidance is as follows:
|
2022 Guidance |
Net Sales |
$2.4B to $2.6B |
Gross Margin (1) |
$155M to $215M |
Operating Expenses (2) |
$365M to $380M |
Operating Income (3)(4) |
$55M to $150M |
Earnings per Diluted Share |
$0.00 to $0.60 |
Net Cash Balance (5) |
$1.1B to $1.35B |
Capital Expenditures |
$850M to $1.1B |
Shipments |
8.9GW to 9.4GW |
——————————
(1) Includes $10 million to $15
million of underutilization losses(2) Includes $85
million to $90 million of production start-up
expense(3) Includes $95 million to $105 million of
production start-up expense and underutilization
losses(4) Includes $270 million to $290 million
pre-tax gain related to the potential sale of the Japan project
development and O&M platform(5) Defined as
cash, cash equivalents, marketable securities, and restricted cash
less expected debt at the end of 2022“We will continue to navigate
near-term headwinds with a focus on the future, as we invest in
realizing the full value of our differentiated thin-film
technology,” said Mark Widmar, CEO of First Solar. “This pivotal
year will revolve around continued significant investment in
R&D, new products, manufacturing expansion, and employing new
contracting strategies, all of which we believe set the stage for
sustained growth in 2023 and beyond.”
First Solar also announced today that it is in
advanced stage discussions to sell its project development and
O&M platform in Japan. The consideration of a potential sale
for its Japan project development and O&M platform by First
Solar is at a preliminary stage and may not result in any
transaction being consummated. First Solar does not intend to
disclose further developments with respect to this process except
to the extent the process is concluded or it is required by law or
otherwise deemed appropriate.
The guidance figures presented above are
forward-looking statements that are subject to a variety of
assumptions and estimates. 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 2021 financial results, 2022 guidance, and financial
outlook.
Conference Call Details
First Solar has scheduled a conference call for
today, March 1, 2022 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
Tuesday, March 15, 2022 and can be accessed by dialing +1 (800)
585-8367 if you are calling from within the United States or +1
(416) 621-4642 if you are calling from outside the United States
and entering the replay passcode 2254797. A replay of the webcast
will also be available on the Investors section of the Company’s
website approximately five hours after the conclusion of the call
and remain available for 90 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 R&D 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; our financial guidance for 2022, net sales, gross
margin, operating expenses, operating income, earnings per share,
net cash balance, capital expenditures, shipments, bookings,
products and our business and financial objectives for 2022. 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 market for renewable energy, including
solar energy; 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; interest rate fluctuations and both our and our customers’
ability to secure financing; 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; the creditworthiness of our offtake
counterparties and the ability of our offtake counterparties to
fulfill their contractual obligations to us; 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; our ability to successfully develop and
complete our systems business projects; our ability to convert
existing production facilities to support new product lines, such
as Series 6 module manufacturing; 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 resulting
from pending litigation; future collection and recycling costs for
solar modules covered by our module collection and recycling
program; supply chain disruption, including the availability of
shipping containers, port congestion, canceled shipments by
logistic providers, and the cost of fuel, all of which may be
exacerbated by the COVID-19 pandemic; 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 convert existing or construct production facilities
to support new product lines; our ability to attract and retain key
executive officers and associates; the severity and duration of the
COVID-19 pandemic, including its 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 Conditions and Results of
Operations” of our most recent Annual Report on Form 10-K and our
subsequently filed Quarterly Reports on Form 10-Q, as supplemented
by our other filings with the Securities and Exchange
Commission.
Contacts
First Solar
Investorsinvestor@firstsolar.com
First Solar
Mediamedia@firstsolar.com
FIRST SOLAR, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In thousands, except share
data)(Unaudited)
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,450,654 |
|
|
$ |
1,227,002 |
|
Marketable securities |
|
|
375,389 |
|
|
|
520,066 |
|
Accounts receivable trade, net |
|
|
429,436 |
|
|
|
266,086 |
|
Accounts receivable unbilled, net |
|
|
25,273 |
|
|
|
26,370 |
|
Inventories |
|
|
666,299 |
|
|
|
567,587 |
|
Assets held for sale |
|
|
— |
|
|
|
155,685 |
|
Other current assets |
|
|
244,192 |
|
|
|
251,739 |
|
Total current assets |
|
|
3,191,243 |
|
|
|
3,014,535 |
|
Property, plant and equipment,
net |
|
|
2,649,587 |
|
|
|
2,402,285 |
|
PV solar power systems,
net |
|
|
217,293 |
|
|
|
243,396 |
|
Project assets |
|
|
315,488 |
|
|
|
373,377 |
|
Deferred tax assets, net |
|
|
59,162 |
|
|
|
104,099 |
|
Restricted marketable securities |
|
|
244,726 |
|
|
|
265,280 |
|
Goodwill |
|
|
14,462 |
|
|
|
14,462 |
|
Intangible assets, net |
|
|
45,509 |
|
|
|
56,138 |
|
Inventories |
|
|
237,512 |
|
|
|
201,229 |
|
Other assets |
|
|
438,764 |
|
|
|
434,130 |
|
Total assets |
|
$ |
7,413,746 |
|
|
$ |
7,108,931 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
193,374 |
|
|
$ |
183,349 |
|
Income taxes payable |
|
|
4,543 |
|
|
|
14,571 |
|
Accrued expenses |
|
|
288,450 |
|
|
|
310,467 |
|
Current portion of long-term debt |
|
|
3,896 |
|
|
|
41,540 |
|
Deferred revenue |
|
|
201,868 |
|
|
|
188,813 |
|
Liabilities held for sale |
|
|
— |
|
|
|
25,621 |
|
Other current liabilities |
|
|
34,747 |
|
|
|
83,037 |
|
Total current liabilities |
|
|
726,878 |
|
|
|
847,398 |
|
Accrued solar module
collection and recycling liability |
|
|
139,145 |
|
|
|
130,688 |
|
Long-term debt |
|
|
236,005 |
|
|
|
237,691 |
|
Other liabilities |
|
|
352,167 |
|
|
|
372,226 |
|
Total liabilities |
|
|
1,454,195 |
|
|
|
1,588,003 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock, $0.001 par value per share; 500,000,000 shares
authorized; 106,332,315 and 105,980,466 shares issued and
outstanding at December 31, 2021 and 2020, respectively |
|
|
106 |
|
|
|
106 |
|
Additional paid-in capital |
|
|
2,871,352 |
|
|
|
2,866,786 |
|
Accumulated earnings |
|
|
3,184,455 |
|
|
|
2,715,762 |
|
Accumulated other comprehensive loss |
|
|
(96,362 |
) |
|
|
(61,726 |
) |
Total stockholders’ equity |
|
|
5,959,551 |
|
|
|
5,520,928 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,413,746 |
|
|
$ |
7,108,931 |
|
FIRST SOLAR, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
amounts)(Unaudited)
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31,2021 |
|
September 30,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2020 |
Net sales |
|
$ |
907,319 |
|
|
$ |
583,504 |
|
|
$ |
609,232 |
|
|
$ |
2,923,377 |
|
|
$ |
2,711,332 |
|
Cost of sales |
|
|
660,830 |
|
|
|
458,924 |
|
|
|
449,372 |
|
|
|
2,193,423 |
|
|
|
2,030,659 |
|
Gross profit |
|
|
246,489 |
|
|
|
124,580 |
|
|
|
159,860 |
|
|
|
729,954 |
|
|
|
680,673 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
38,411 |
|
|
|
43,476 |
|
|
|
62,700 |
|
|
|
170,320 |
|
|
|
222,918 |
|
Research and development |
|
|
29,881 |
|
|
|
25,426 |
|
|
|
22,670 |
|
|
|
99,115 |
|
|
|
93,738 |
|
Production start-up |
|
|
5,038 |
|
|
|
2,945 |
|
|
|
16,716 |
|
|
|
21,052 |
|
|
|
40,528 |
|
Litigation loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,000 |
|
Total operating expenses |
|
|
73,330 |
|
|
|
71,847 |
|
|
|
102,086 |
|
|
|
290,487 |
|
|
|
363,184 |
|
Gain on sales of businesses,
net |
|
|
— |
|
|
|
(1,866 |
) |
|
|
— |
|
|
|
147,284 |
|
|
|
— |
|
Operating income |
|
|
173,159 |
|
|
|
50,867 |
|
|
|
57,774 |
|
|
|
586,751 |
|
|
|
317,489 |
|
Foreign currency loss,
net |
|
|
(3,362 |
) |
|
|
(1,018 |
) |
|
|
(1,341 |
) |
|
|
(7,975 |
) |
|
|
(4,890 |
) |
Interest income |
|
|
2,183 |
|
|
|
1,752 |
|
|
|
1,446 |
|
|
|
6,179 |
|
|
|
16,559 |
|
Interest expense, net |
|
|
(2,530 |
) |
|
|
(2,958 |
) |
|
|
(3,018 |
) |
|
|
(13,107 |
) |
|
|
(24,036 |
) |
Other (expense) income,
net |
|
|
(2,284 |
) |
|
|
(2,603 |
) |
|
|
(3,279 |
) |
|
|
314 |
|
|
|
(11,932 |
) |
Income before taxes and equity in earnings |
|
|
167,166 |
|
|
|
46,040 |
|
|
|
51,582 |
|
|
|
572,162 |
|
|
|
293,190 |
|
Income tax (expense)
benefit |
|
|
(35,796 |
) |
|
|
(837 |
) |
|
|
66,400 |
|
|
|
(103,469 |
) |
|
|
107,294 |
|
Equity in earnings, net of
tax |
|
|
— |
|
|
|
— |
|
|
|
(2,279 |
) |
|
|
— |
|
|
|
(2,129 |
) |
Net income |
|
$ |
131,370 |
|
|
$ |
45,203 |
|
|
$ |
115,703 |
|
|
$ |
468,693 |
|
|
$ |
398,355 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.24 |
|
|
$ |
0.43 |
|
|
$ |
1.09 |
|
|
$ |
4.41 |
|
|
$ |
3.76 |
|
Diluted |
|
$ |
1.23 |
|
|
$ |
0.42 |
|
|
$ |
1.08 |
|
|
$ |
4.38 |
|
|
$ |
3.73 |
|
Weighted-average number of shares used in per share
calculations: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
106,327 |
|
|
|
106,320 |
|
|
|
105,976 |
|
|
|
106,263 |
|
|
|
105,867 |
|
Diluted |
|
|
107,007 |
|
|
|
106,899 |
|
|
|
106,944 |
|
|
|
106,924 |
|
|
|
106,686 |
|
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