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Solar PV Corporate News Release
First Solar, Inc. Announces Third Quarter 2018 Financial Results
Oct 26, 2018
Hanwha Q CELLS Reports Second Quarter 2018 Results
Aug 13, 2018
JinkoSolar Announces Second Quarter 2018 Financial Results
Aug 13, 2018
SunPower Reports Second Quarter 2018 Results
Jul 31, 2018
First Solar, Inc. Announces Second Quarter 2018 Financial Results
Jul 27, 2018
JinkoSolar Announces First Quarter 2018 Financial Results
Jun 26, 2018
Canadian Solar Reports First Quarter 2018 Results
May 16, 2018
With 4GW advance PERC capacity, Aiko Solar is now the best and largest PERC cell supplier over the world
May 14, 2018
Hanwha Q CELLS Reports First Quarter 2018 Results
May 14, 2018
JA Solar Announces Fourth Quarter and Fiscal Year 2017 Results
Apr 30, 2018
First Solar, Inc. Announces First Quarter 2018 Financial Results
Apr 27, 2018
Hanwha Q CELLS Reports Fourth Quarter and Full Year 2017 Results
Apr 11, 2018
JinkoSolar Announces Fourth Quarter and Full Year 2017 Financial Results
Mar 22, 2018
Canadian Solar Reports Fourth Quarter and Full Year 2017 Results
Mar 19, 2018
First Solar, Inc. Announces Fourth Quarter & Full Year 2017 Financial Results
Feb 23, 2018
SunPower Reports Fourth Quarter and FY 2017 Results
Feb 15, 2018
Panasonic Solar Promotes First Group of Authorized Installers to Premium Level
Jul 26, 2017
Benefiting from the Leading Edge Technology, TZS Announced Mono-Crystalline Wafer Price Modification
Jul 18, 2017
Canadian Solar Reports First Quarter 2017 Results
Jun 06, 2017
JinkoSolar Announces First Quarter 2017 Financial Results
Jun 05, 2017
Hanwha Q CELLS Reports
May 25, 2017
JA Solar Announces First Quarter 2017 Results
May 24, 2017
Yingli Green Energy Reports Fourth Quarter and Full Year 2016 Results
Apr 13, 2017
Hanwha Q CELLS Reports Fourth Quarter and Full Year 2016 Results
Mar 23, 2017
JA Solar Announces Fourth Quarter and Fiscal Year 2016 Results
Mar 16, 2017
Higher yield of solar wafers and enhanced solar cell efficiency with new HeraGlaze coating by Heraeus
Mar 01, 2017
Heraeus enables significant higher efficiency gains with three new metallization pastes
Mar 01, 2017
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. Announces Third Quarter 2017 Financial Results
Jan 01, 1970

First Solar, Inc. Announces Fourth Quarter & Full Year 2017 Financial Results

February 22, 2018 at 4:02 PM EST

Net sales of $2.9 billion for 2017 and $339 million for the fourth quarter

GAAP loss per share of $(1.59) for 2017 and $(4.14) for the fourth quarter

Fourth quarter results include charges of $408 million, or $(3.91) per share, from U.S. tax reform

Non-GAAP EPS of $2.59 for 2017 and non-GAAP loss per share of $(0.25) for the fourth quarter

Cash and marketable securities of $3.0 billion, net cash of $2.6 billion

7.7GWDC of 2017 net bookings; 1.3GWDC of 2018 YTD net bookings

Raise 2018 revenue, EPS and net cash guidance

TEMPE, Ariz.--Feb. 22, 2018-- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the fourth quarter and year ended December 31, 2017. Net sales for the fourth quarter were $339 million, a decrease of $748 million from the prior quarter primarily due to lower systems and third-party module sales. Systems revenue decreased primarily due to the sale of the California Flats and Cuyama projects in the third quarter. Fourth quarter net sales were slightly lower than guidance as a result of certain foreign project sales that are now expected to be recognized in 2018.

The Company reported a fourth quarter GAAP loss per share of $(4.14), compared to GAAP earnings per share ("EPS") of $1.95 in the prior quarter. The loss in the fourth quarter was due primarily to higher tax expense associated with U.S. tax reform enacted in December 2017 and the timing of system project sales. Net income decreased compared to the prior quarter primarily as a result of lower net sales, the mix of lower gross profit projects, higher operating expenses and an increase in tax expense. Tax expense in the fourth quarter included a charge of $408 million resulting from U.S. tax reform. This one-time charge includes a tax on previously untaxed foreign earnings and profits and the impact of re-measuring deferred tax assets using the new U.S. statutory corporate tax rate. The cash payment associated with the impact of U.S. tax reform is expected to be approximately $101 million, as a result of utilizing tax credits, and is expected to be paid over the full eight-year period allowed. Fourth quarter non-GAAP EPS, adjusted for restructuring and asset impairment charges and the impact of U.S. tax reform, was $(0.25).

Our evaluation of the income tax effects of U.S. tax reform and the provisional amounts recorded require additional analysis and further interpretation and guidance from government regulators. We expect to continue revising our provisional estimates and making additional estimates throughout the measurement period until the associated accounting is complete. As a result the estimated financial impact of U.S. tax reform on our fourth quarter and full year 2017 results as well as the estimated impact on 2018 Financial Guidance, may differ from current estimates.

Cash and marketable securities at the end of the fourth quarter increased to $3.0 billion from $2.7 billion at the end of the prior quarter. The increase primarily resulted from cash received from projects sold in the prior quarter and third-party module sales. Cash flows from operations were $434 million in the fourth quarter.

"First Solar delivered another year of solid execution in 2017," said Mark Widmar, CEO of First Solar. "On the technology front we made significant progress preparing multiple factories for Series 6 manufacturing in 2018, including the production of our first complete module late last year. We had tremendous commercial success as we booked a record 7.7GWDC of new business in 2017, with 1.3GWDC booked so far in 2018. Our financial results were strong with 2017 non-GAAP EPS of $2.59 and operating cash flows in excess of $1.3 billion. We enter 2018 with an unwavering focus on profitably, scaling our modules business, executing on our systems project portfolio, and delivering on our financial commitments."

The Company raised its 2018 revenue, EPS, and net cash guidance for the year as a result of revised systems project sale timing, increased Series 4 production, the expected sale of 8point3 and other developments.

2018 GAAP Guidance

 

 

Prior

 

 

Current

Net Sales

 

 

$2.3B to $2.5B

 

 

$2.45B to $2.65B

Gross Margin %1

 

 

22% to 23%

 

 

21.5% to 22.5%

Operating Expenses2

 

 

$400M to $410M

 

 

Unchanged

Operating Income

 

 

$110M to $170M

 

 

$130M to $180M

Earnings per Share

 

 

$1.25 to $1.75

 

 

$1.50 to $1.90

Net Cash Balance3

 

 

$1.6B to $1.8B

 

 

$2.1B to $2.3B

Operating Cash Flow

 

 

$100M to $200M

 

 

Unchanged

Capital Expenditures

 

 

$650M to $750M

 

 

$700M to $800M

Shipments

 

 

2.7GW to 2.8GW

 

 

2.9GW to 3.0GW

1. Includes approximately $60 million of ramp penalty costs and $10 million of restructuring related charges
2. Includes approximately $110 million of production start-up expense
3. Defined as cash and marketable securities less expected debt at the end of 2018

For a reconciliation of the non-GAAP measures presented above to measures presented in accordance with generally accepted accounting principles in the United States ("GAAP"), see the tables below.

First Solar has scheduled a conference call for today, February 22, 2018 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call is available at investor.firstsolar.com. 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 March 1, 2018 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 9877546. 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. 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: our financial guidance for 2018; the impact of U.S. tax reform; the transition to Series 6 module manufacturing in 2018; and our business and financial objectives for 2018. 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 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 these statements. These factors include, but are not limited to: structural imbalances in global supply and demand for PV solar modules; the market for renewable energy, including solar energy; our competitive position and other key competitive factors; reduction, elimination, or expiration of government subsidies, policies, and support programs for solar energy projects; our ability to execute on our long-term strategic plans; our ability to execute on our solar module technology and cost reduction roadmaps; interest rate fluctuations and both our and our customers' ability to secure financing; 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; future collection and recycling costs for solar modules covered by our module collection and recycling program; 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 attract and retain key executive officers and associates; 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.

 

 

 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

December 31,

 

 

2017

 

 

2016

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

2,268,534

 

 

 

$

1,347,155

 

Marketable securities

 

720,379

 

 

 

607,991

 

Accounts receivable trade, net

 

211,797

 

 

 

266,687

 

Accounts receivable, unbilled and retainage

 

174,608

 

 

 

206,739

 

Inventories

 

172,370

 

 

 

363,219

 

Balance of systems parts

 

28,840

 

 

 

62,776

 

Project assets

 

77,931

 

 

 

700,800

 

Notes receivable, affiliate

 

20,411

 

 

 

15,000

 

Prepaid expenses and other current assets

 

157,902

 

 

 

217,462

 

Total current assets

 

3,832,772

 

 

 

3,787,829

 

Property, plant and equipment, net

 

1,154,537

 

 

 

629,142

 

PV solar power systems, net

 

417,108

 

 

 

448,601

 

Project assets

 

424,786

 

 

 

762,148

 

Deferred tax assets, net

 

51,417

 

 

 

255,152

 

Restricted cash and investments

 

424,783

 

 

 

371,307

 

Investments in unconsolidated affiliates and joint ventures

 

219,503

 

 

 

234,610

 

Goodwill

 

14,462

 

 

 

14,462

 

Intangibles assets, net

 

80,227

 

 

 

87,970

 

Inventories

 

113,277

 

 

 

100,512

 

Notes receivable, affiliates

 

48,370

 

 

 

54,737

 

Other assets

 

83,259

 

 

 

77,898

 

Total assets

 

$

6,864,501

 

 

 

$

6,824,368

 

LIABILITIES AND STOCKHOLDERSEQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

120,220

 

 

 

$

148,730

 

Income taxes payable

 

19,581

 

 

 

12,562

 

Accrued expenses

 

366,827

 

 

 

262,977

 

Current portion of long-term debt

 

13,075

 

 

 

27,966

 

Deferred revenue

 

81,816

 

 

 

308,704

 

Other current liabilities

 

48,757

 

 

 

146,942

 

Total current liabilities

 

650,276

 

 

 

907,881

 

Accrued solar module collection and recycling liability

 

166,609

 

 

 

166,277

 

Long-term debt

 

380,465

 

 

 

160,422

 

Other liabilities

 

568,454

 

 

 

371,439

 

Total liabilities

 

1,765,804

 

 

 

1,606,019

 

Commitments and contingencies

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

Common stock, $0.001 par value per share; 500,000,000 shares authorized; 104,468,460 and 104,034,731 shares issued and outstanding at December 31, 2017 and 2016, respectively

 

104

 

 

 

104

 

Additional paid-in capital

 

2,799,107

 

 

 

2,765,310

 

Accumulated earnings

 

2,297,227

 

 

 

2,462,842

 

Accumulated other comprehensive income (loss)

 

2,259

 

 

 

(9,907

)

Total stockholders' equity

 

5,098,697

 

 

 

5,218,349

 

Total liabilities and stockholdersequity

 

$

6,864,501

 

 

 

$

6,824,368

 

 

 

 

 

 

 

 

FIRST SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

Net sales

 

$

339,181

 

 

 

$

330,795

 

 

 

$

2,941,324

 

 

 

$

2,904,563

 

Cost of sales

 

277,111

 

 

 

322,947

 

 

 

2,392,377

 

 

 

2,266,145

 

Gross profit

 

62,070

 

 

 

7,848

 

 

 

548,947

 

 

 

638,418

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

54,997

 

 

 

70,370

 

 

 

202,699

 

 

 

261,994

 

Research and development

 

23,583

 

 

 

29,471

 

 

 

88,573

 

 

 

124,762

 

Production start-up

 

20,488

 

 

 

214

 

 

 

42,643

 

 

 

1,021

 

Restructuring and asset impairments

 

(1,927

)

 

 

660,113

 

 

 

37,181

 

 

 

743,862

 

Goodwill impairment

 

-

 

 

 

68,833

 

 

 

-

 

 

 

74,930

 

Total operating expenses

 

97,141

 

 

 

829,001

 

 

 

371,096

 

 

 

1,206,569

 

Operating (loss) income

 

(35,071

)

 

 

(821,153

)

 

 

177,851

 

 

 

(568,151

)

Foreign currency loss, net

 

(3,474

)

 

 

(5,748

)

 

 

(9,640

)

 

 

(14,007

)

Interest income

 

13,340

 

 

 

6,364

 

 

 

35,704

 

 

 

25,193

 

Interest expense, net

 

(6,073

)

 

 

(3,182

)

 

 

(25,765

)

 

 

(20,538

)

Other (expense) income, net

 

(1,215

)

 

 

(8,473

)

 

 

23,965

 

 

 

40,252

 

(Loss) income before taxes and equity in earnings of unconsolidated affiliates

 

(32,493

)

 

 

(832,192

)

 

 

202,115

 

 

 

(537,251

)

Income tax expense

 

(398,765

)

 

 

(56,053

)

 

 

(371,996

)

 

 

(23,167

)

Equity in earnings of unconsolidated affiliates, net of tax

 

(1,196

)

 

 

137,455

 

 

 

4,266

 

 

 

144,306

 

Net loss

 

$

(432,454

)

 

 

$

(750,790

)

 

 

$

(165,615

)

 

 

$

(416,112

)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(4.14

)

 

 

$

(7.22

)

 

 

$

(1.59

)

 

 

$

(4.05

)

Diluted

 

$

(4.14

)

 

 

$

(7.22

)

 

 

$

(1.59

)

 

 

$

(4.05

)

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

 

 

 

 

 

 

 

 

 

 

 

Basic

 

104,448

 

 

 

103,970

 

 

 

104,328

 

 

 

102,866

 

Diluted

 

104,448

 

 

 

103,970

 

 

 

104,328

 

 

 

102,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures

In this release, we provide non-GAAP earnings per share for the three months and year ended December 31, 2017. We have included these non-GAAP financial measures to adjust for (i) restructuring, asset impairment and related charges primarily associated with the transition from Series 4 to Series 6 production, (ii) the tax effect associated with these items and (iii) the tax effect associated with U.S. tax reform. We believe non-GAAP earnings per share, when taken together with corresponding GAAP financial measures, is relevant and useful information to our investors because it provides them with additional information in assessing our financial operating results. Our management uses this non-GAAP financial measure in evaluating our operating performance. However, this measure has limitations, including that it excludes the effect of certain changes to our assets and liabilities and certain amounts that we may ultimately have to pay in cash. Accordingly, this non-GAAP financial measure should be considered in addition to, and not as a substitute for, or superior to earnings per share prepared in accordance with GAAP. The following is the reconciliation of earnings per share prepared in accordance with GAAP to non-GAAP earnings per share for each period presented (in millions, except per share amounts):

 

 

 

 

 

Three Months Ended
December 31, 2017

Net loss

 

$

(432.5

)

 

 

 

Restructuring and asset impairments

 

(1.9

)

Tax effect of restructuring and asset impairments*

 

0.2

 

Tax effect of U.S. tax reform

 

$

408.1

 

Non-GAAP net loss

 

$

(26.1

)

 

 

 

Weighted-average number of shares used for diluted earnings per share

 

104.4

 

 

 

 

GAAP loss per share

 

$

(4.14

)

Non-GAAP loss per share

 

$

(0.25

)

 

 

 

 

 

* Restructuring treated as a non-discrete item for tax purposes and will be reflected in the effective tax rate over the duration of 2017.

 

 

 

 

 

Year Ended
December 31, 2017

Net loss

 

$

(165.6

)

 

 

 

Restructuring and asset impairments

 

37.2

 

Tax effect of restructuring and asset impairments

 

(7.1

)

Tax effect of U.S. tax reform

 

$

408.1

 

Non-GAAP net income

 

$

272.6

 

 

 

 

Weighted-average number of shares used for diluted earnings per share

 

104.3

 

GAAP loss per share

 

$

(1.59

)

 

 

 

Weighted-average number of shares used for diluted earnings per share

 

105.2

 

Non-GAAP earnings per share

 

$

2.59

 

 

Source: First Solar, Inc.

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

 

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