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Solar PV Corporate News Release
First Solar, Inc. Announces Fourth Quarter & Full Year 2016 Financial Results
Feb 22, 2017
SunPower Reports Fourth Quarter 2016 Results
Feb 16, 2017
Trina Solar Announces Third Quarter 2016 Results
Nov 23, 2016
Canadian Solar Reports Third Quarter 2016 Results
Nov 21, 2016
JASolar Announces Third Quarter 2016 Financial Results
Nov 17, 2016
JinkoSolar Announces Third Quarter 2016 Financial Results
Nov 16, 2016
SunPower Reports Third Quarter 2016 Results
Nov 10, 2016
First Solar, Inc. Announces Third Quarter 2016 Financial Results
Nov 03, 2016
Hanwha Q CELLS Reports Second Quarter 2016 Results
Aug 23, 2016
Yingli Green Energy Reports Second Quarter 2016 Results
Aug 23, 2016
Canadian Solar Reports Second Quarter 2016 Results
Aug 18, 2016
JA Solar Announces Second Quarter 2016 Results
Aug 17, 2016
SunPower Reports Second Quarter 2016 Results
Aug 10, 2016
First Solar, Inc. Announces Second Quarter 2016 Financial Results
Aug 04, 2016
First Solar, Inc. Announces First Quarter 2016 Financial Results
Apr 27, 2016
JinkoSolar Announces Fourth Quarter and Full Year 2015 Financial Results
Mar 01, 2016
First Solar, Inc. Announces Fourth Quarter & Full Year 2015 Financial Results
Feb 24, 2016
SunPower Corp. announced financial results for its fourth quarter and fiscal year ended Jan. 3, 2016
Feb 18, 2016
Trina Solar Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company
Dec 14, 2015
Hanwha Q CELLS Reports Third Quarter 2015 Results
Nov 19, 2015
JinkoSolar Announces Third Quarter 2015 Financial Results
Nov 19, 2015
JA Solar Announces Third Quarter 2015 Results
Nov 17, 2015
SunPower Announces Fiscal Year 2016 Guidance
Nov 12, 2015
SunEdison Reports Third Quarter 2015 Results
Nov 10, 2015
Canadian Solar Reports Third Quarter 2015 Results
Nov 10, 2015
Yingli Green Energy Reports Second Quarter 2015 Results
Sep 08, 2015
Hanwha Q CELLS Reports Second Quarter 2015 Results
Aug 27, 2015
TSMC to Cease Solar Manufacturing Operations
Aug 25, 2015
JinkoSolar Announces Better-Than-Expected Second Quarter 2015 Financial Results
Aug 20, 2015
Trina Solar Announces $43.1 million of Net Profits for Second Quarter 2015 Results
Aug 18, 2015
First Solar, Inc. Announces Second Quarter 2015 Financial Results with $896 million of Net sales.
Aug 05, 2015
Sunpower announced financial results of 377 million net profits for its second fiscal quarter ended June 28, 2015.
Jul 29, 2015
8point3 Energy Partners LP, a YieldCo Formed by First Solar, Inc. and SunPower Corporation, Announces Pricing of its Ini
Jun 19, 2015
JA Solar and Essel Infraprojects Limited Sign MOU on 500MW PV Joint Venture
May 25, 2015
First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million
May 01, 2015
Israeli Parliament Solar Project Adopts JA Solar Modules
Apr 07, 2015
JA Solar Supplies Modules Again to First Large-Scale Solar Farm in Central America
Mar 16, 2015
Hyundai offers compact 250W high-performance modules for UK rooftop market
Mar 12, 2015
JA Solar Launching 1500V PV Module
Mar 09, 2015
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Mar 05, 2015
Canadian Solar Reports Fourth Quarter and Full Year 2014 Results
Mar 05, 2015
JA Solar Makes Breakthrough in South Pacific Market in 2014
Feb 05, 2015
First Solar Achieves Efficiency, Durability Milestones
Feb 05, 2015
JA Solar Reaches 100MWp of PV Module Shipments to Solarcentury for UK Projects in 2014
Jan 05, 2015
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Jan 05, 2015
Hanwha Solarone Files Shareholder Circular for Acquisition of Hanwha Q CELLS
Dec 29, 2014
Motech and Topcell Announced the Signing of Merger Agreement
Dec 26, 2014
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Dec 08, 2014
Yingli Green Energy Reports Third Quarter 2014 Results
Nov 25, 2014
Trina Solar Announces Third Quarter 2014 Results
Nov 24, 2014
Hanwha SolarOne Reports Third Quarter 2014 Results
Nov 21, 2014
JA Solar Announces Third Quarter 2014 Results
Nov 19, 2014
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Nov 17, 2014
JA Solar Sets Power Output Record of over 280W for Multi-Si 60-cells Solar Modules
Nov 17, 2014
SunPower Announces Fiscal Year 2015 Guidance
Nov 13, 2014
WINAICO launches patented micro-crack preventing HeatCap technology at PV Taiwan
Oct 22, 2014
Trina Solar Announces Fourth Quarter and Full Year 2014 Results
Jan 01, 1970
First Solar, Inc

First Solar, Inc. Announces Fourth Quarter & Full Year 2015 Financial Results

 

  • Record annual net sales of $3.6 billion for 2015. Fourth quarter net sales of $942 million.
  • Full year earnings per share of $5.37. Fourth quarter EPS of $1.60.
  • Cash and marketable securities of $1.8 billion, net cash of $1.5 billion.
  • Maintain 2016 EPS guidance at $4.00 to $4.50.
  • Record annual bookings of 3.4GWdc in 2015. 2016 year-to-date bookings of over 160MWdc.

TEMPE, Ariz.-- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the fourth quarter and year ended December 31, 2015. Net sales were $942 million in the quarter, a decrease of $329 million from the third quarter of 2015. The decrease in net sales from the prior quarter was primarily attributable to lower revenue from the Desert Stateline project, which achieved initial revenue recognition in the third quarter. In addition, sales of third party module and module plus offerings decreased.

The Company reported fourth quarter earnings per share of $1.60, compared to $3.41 in the prior quarter. The decrease in net income from the third quarter was due to lower net sales, a decrease in gross margins and higher operating expenses. In the third quarter, gross margins and operating expenses benefited from a decrease in the Company's module collection and recycling obligation. Partially offsetting the decrease in net income versus the prior quarter was a benefit from lower tax expense, which resulted from a favorable mix of jurisdictional income.

Cash and marketable securities at the end of the fourth quarter remained at $1.8 billion. Cash flows from operations were $53 million in the fourth quarter.

"We exit 2015 with record annual revenues, record new bookings and earnings per share of over five dollars," said Jim Hughes, CEO of First Solar. "As we look back to the 2015 targets first provided to investors at our Analyst Day nearly three years ago, we recognize that we have achieved the efficiency, cost per watt and earnings targets outlined at that time. We enter 2016 with tremendous technology, a strong pipeline and an ongoing commitment to achieve the long-term objectives we have communicated to our investors."

The Company maintained 2016 earnings per share guidance of $4.00 to $4.50 and updated forecasted financial items as follows:

2016 Guidance

 

Prior

 

Current

Net Sales

 

$3.9B to $4.1B

 

$3.8B to $4.0B

Gross Margin %

 

16% to 18%

 

17% to 18%

Operating Expenses

 

$380M to $400M

 

Unchanged

Operating Income

 

$260M to $330M

 

Unchanged

Effective Tax Rate

 

16% to 18%

 

Unchanged

Earnings per Share1

 

$4.00 to $4.50

 

Unchanged

Net Cash Balance2

 

$2.0B to $2.3B

 

$1.9B to $2.2B

Operating Cash Flow3

 

$500M to $700M

 

$400M to $600M

Capital Expenditures

 

$300M to $400M

 

Unchanged

Shipments

 

2.9GW to 3.0GW

 

Unchanged

 

1 - Includes a gain of approximately $200 million, net of tax, from the expected sale of an equity method investment and share of 8point3 earnings

2 - Cash and marketable securities less expected debt at the end of 2016

3 - Does not include approximately $450 million from the expected sale of an equity method investment treated as an investing cash flow

First Solar has scheduled a conference call for today, February 23, 2016 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.

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 Tuesday, March 1, 2016 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 8287868. 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 will 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: effects on our financial statements and guidance resulting from pending tax matters; 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 (including estimated future module collection and recycling costs), warranties, solar module efficiency and balance of systems cost reduction roadmaps, restructuring, product reliability, investments in unconsolidated affiliates 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 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," "seek," "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 most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

December 31,
2015

 

 

December 31,
2014

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

1,126,826

 

 

 

$

1,482,054

Marketable securities

 

 

703,454

 

 

 

509,032

Accounts receivable trade, net

 

 

500,629

 

 

 

135,434

Accounts receivable, unbilled and retainage

 

 

59,171

 

 

 

76,971

Inventories

 

 

380,424

 

 

 

505,088

Balance of systems parts

 

 

136,889

 

 

 

125,083

Deferred project costs

 

 

187,940

 

 

 

29,354

Notes receivable, affiliate

 

 

1,276

 

 

 

12,487

Prepaid expenses and other current assets

 

 

248,977

 

 

 

202,151

Total current assets

 

 

3,345,586

 

 

 

3,077,654

Property, plant and equipment, net

 

 

1,284,136

 

 

 

1,419,988

PV solar power systems, net

 

 

93,741

 

 

 

46,393

Project assets and deferred project costs

 

 

1,111,137

 

 

 

810,348

Deferred tax assets, net

 

 

357,693

 

 

 

313,891

Restricted cash and investments

 

 

333,878

 

 

 

407,053

Investments in unconsolidated affiliates and joint ventures

 

 

399,805

 

 

 

255,029

Goodwill

 

 

84,985

 

 

 

84,985

Other intangibles, net

 

 

110,002

 

 

 

119,236

Inventories

 

 

107,759

 

 

 

115,617

Notes receivable, affiliates

 

 

17,887

 

 

 

9,127

Other assets

 

 

69,722

 

 

 

61,670

Total assets

 

 

$

7,316,331

 

 

 

$

6,720,991

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

 

$

337,668

 

 

 

$

214,656

Income taxes payable

 

 

1,330

 

 

 

1,727

Accrued expenses

 

 

409,452

 

 

 

388,156

Current portion of long-term debt

 

 

38,090

 

 

 

51,399

Billings in excess of costs and estimated earnings

 

 

87,942

 

 

 

195,346

Payments and billings for deferred project costs

 

 

28,580

 

 

 

60,591

Other current liabilities

 

 

57,738

 

 

 

88,664

Total current liabilities

 

 

960,800

 

 

 

1,000,539

Accrued solar module collection and recycling liability

 

 

163,407

 

 

 

246,307

Long-term debt

 

 

251,325

 

 

 

162,074

Other liabilities

 

 

392,312

 

 

 

320,584

Total liabilities

 

 

1,767,844

 

 

 

1,729,504

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 101,766,797 and
100,288,942 shares issued and outstanding at December 31, 2015 and 2014, respectively

 

 

102

 

 

 

100

Additional paid-in capital

 

 

2,742,795

 

 

 

2,697,558

Accumulated earnings

 

 

2,790,110

 

 

 

2,243,689

Accumulated other comprehensive income

 

 

15,480

 

 

 

50,140

Total stockholders' equity

 

 

5,548,487

 

 

 

4,991,487

Total liabilities and stockholders' equity

 

 

$

7,316,331

 

 

 

$

6,720,991

 

 

 

 

 

 

 

 

 

 

 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

 

Years Ended
December 31,

 

 

 

2015

 

2014

 

 

2015

 

2014

Net sales

 

 

$

942,324

 

 

$

1,007,993

 

 

 

$

3,578,995

 

 

$

3,391,187

 

Cost of sales

 

 

710,886

 

 

699,611

 

 

 

2,659,728

 

 

2,566,246

 

Gross profit

 

 

231,438

 

 

308,382

 

 

 

919,267

 

 

824,941

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

36,728

 

 

34,944

 

 

 

130,593

 

 

143,969

 

Selling, general and administrative

 

 

62,887

 

 

70,968

 

 

 

255,192

 

 

253,827

 

Production start-up

 

 

 

 

3,249

 

 

 

16,818

 

 

5,146

 

Total operating expenses

 

 

99,615

 

 

109,161

 

 

 

402,603

 

 

402,942

 

Operating income

 

 

131,823

 

 

199,221

 

 

 

516,664

 

 

421,999

 

Foreign currency loss, net

 

 

(1,887

)

 

(1,269

)

 

 

(6,868

)

 

(1,461

)

Interest income

 

 

6,072

 

 

4,879

 

 

 

22,516

 

 

18,030

 

Interest expense, net

 

 

(4,180

)

 

(553

)

 

 

(6,975

)

 

(1,982

)

Other (expense) income, net

 

 

(1,773

)

 

213

 

 

 

(5,502

)

 

(4,485

)

Income before taxes and equity in earnings of unconsolidated affiliates

 

 

130,055

 

 

202,491

 

 

 

519,835

 

 

432,101

 

Income tax benefit (expense)

 

 

15,290

 

 

(10,545

)

 

 

6,156

 

 

(31,188

)

Equity in earnings of unconsolidated affiliates, net of tax

 

 

18,790

 

 

1,372

 

 

 

20,430

 

 

(4,949

)

Net income

 

 

$

164,135

 

 

$

193,318

 

 

 

$

546,421

 

 

$

395,964

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

1.62

 

 

$

1.93

 

 

 

$

5.42

 

 

$

3.96

 

Diluted

 

 

$

1.60

 

 

$

1.90

 

 

 

$

5.37

 

 

$

3.90

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

101,400

 

 

100,246

 

 

 

100,886

 

 

100,048

 

Diluted

 

 

102,293

 

 

101,509

 

 

 

101,815

 

 

101,643

 

First Solar Investors
Steve Haymore
, +1 602-414-9315
stephen.haymore@firstsolar.com
or
First Solar Media
Steve Krum, +1 602-427-3359
steve.krum@firstsolar.com

Source: First Solar, Inc.

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