Press release
First Solar, Inc. Announces Fourth Quarter and Full Year 2020 Financial Results and 2021 Guidance
Net sales of $2.7 billion for 2020 and $0.6 billion for the fourth quarterNet income per share of $3.73 for 2020 and $1.08 for the fourth quarterYear-end 2020
About this update from First Solar, Inc.
[{"type":"text","content":"Net sales of $2.7 billion for 2020 and $0.6 billion for the fourth quarterNet income per share of $3.73 for 2020 and $1.08 for the fourth quarterYear-end 2020 cash, restricted cash, and marketable securities of $1.8 billion; net cash of $1.5 billion5.5 GWDC of 2020 net bookings; 3.3 GWDC since third quarter earnings call2021 net sales guidance of $2.85 billion to $3.0 billion2021 EPS guidance of $4.05 to $4.75Year-end 2021 net cash guidance of $1.8 billion to $1.9 billion TEMPE, Ariz., Feb. 25, 2021 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the fourth quarter and year ended December 31, 2020. Net sales for the fourth quarter were $0.6 billion, a decrease of $0.3 billion from the prior quarter. The decrease was primarily a result of higher international project sales in the third quarter, which were partially offset by increased module sales in the fourth quarter. The Company reported fourth quarter net income per share of $1.08, and full year net income per share of $3.73. Cash, restricted cash, and marketable securities at the end of the fourth quarter increased to $1.8 billion from $1.7 billion at the end of the prior quarter. The increase was primarily a result of module segment operating cash flows, which were partially offset by capital expenditures and operating expenses. “Although 2020 was a very challenging year, I’m proud of the way our team responded,” said Mark Widmar, CEO of First Solar. “Despite continued intense competition across the crystalline PV supply chain, and unforeseen challenges related to the pandemic, we are pleased with our financial and operational results in 2020. The momentum that we cultivated in 2020 has continued in 2021 with year-to-date bookings of 1.9 GW.” Forecasted net sales for 2021 are $2.85 billion to $3.0 billion, which includes $2.45 billion to $2.55 billion of module segment net sales. Operating income is forecasted to be $545 million to $640 million, which includes ramp expense of $5 million to $10 million, production start-up expense of $15 million to $20 million, underutilization losses related to factory upgrades of $40 million, and a pre-tax gain related to the sales of the U.S. project development and North American O&M businesses of approximately $140 million. Forecasted net income per share is $4.05 to $4.75. The year-end 2021 en...