Press release
First Solar, Inc. Announces Fourth Quarter and Full Year 2021 Financial Results and 2022 Guidance
Net sales of $2.9 billion for 2021 and $0.9 billion for the fourth quarterNet income per diluted share of $4.38 for 2021 and $1.23 for the fourth
About this update from First Solar, Inc.
[{"type":"text","content":"Net sales of $2.9 billion for 2021 and $0.9 billion for the fourth quarterNet income per diluted share of $4.38 for 2021 and $1.23 for the fourth quarterYear-end 2021 cash, cash equivalents, restricted cash, and marketable securities of $1.8 billion17.5 GWDC of 2021 net bookings; 11.8 GWDC since third quarter earnings call2022 net sales guidance of $2.4 billion to $2.6 billion2022 EPS guidance of $0.00 to $0.60Year-end 2022 net cash balance guidance of $1.1 billion to $1.35 billionCompany in advanced stage discussions to sell Japan project development and O&M platform TEMPE, Ariz., March 01, 2022 (GLOBE NEWSWIRE) -- 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. Fo...