First Solar Q4 2021 Earnings Report
Key Takeaways
First Solar reported Q4 net sales of $0.9 billion and net income per diluted share of $1.23. The company's full year earnings per diluted share came in above the mid-point of the guidance range. Year-end cash, cash equivalents, restricted cash, and marketable securities decreased to $1.8 billion.
Net sales of $2.9 billion for 2021 and $0.9 billion for the fourth quarter
Net income per diluted share of $4.38 for 2021 and $1.23 for the fourth quarter
Year-end 2021 cash, cash equivalents, restricted cash, and marketable securities of $1.8 billion
17.5 GWDC of 2021 net bookings; 11.8 GWDC since third quarter earnings call
First Solar
First Solar
Forward Guidance
Forecasted net sales for 2022 are $2.4 billion to $2.6 billion. Operating income is forecasted to be $55 million to $150 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.
Positive Outlook
- Net Sales $2.4B to $2.6B
- Gross Margin $155M to $215M
- Operating Income $55M to $150M
- Earnings per Diluted Share $0.00 to $0.60
- Net Cash Balance $1.1B to $1.35B
Challenges Ahead
- Includes $10 million to $15 million of underutilization losses
- Includes $85 million to $90 million of production start-up expense
- Includes $95 million to $105 million of production start-up expense and underutilization losses
- Includes $270 million to $290 million pre-tax gain related to the potential sale of the Japan project development and O&M platform
- Capital Expenditures $850M to $1.1B