Press release
First Solar, Inc. Announces Fourth Quarter and Full Year 2022 Financial Results and 2023 Guidance
Net sales of $2.6 billion for 2022 and $1.0 billion for the fourth quarterNet loss per diluted share of $0.41 for 2022 and $0.07 for the fourth
About this update from First Solar, Inc.
[{"type":"text","content":"Net sales of $2.6 billion for 2022 and $1.0 billion for the fourth quarterNet loss per diluted share of $0.41 for 2022 and $0.07 for the fourth quarterYear-end 2022 net cash balance of $2.4 billion48.3 GWDC of 2022 net bookings; 12 GWDC since third quarter earnings call2023 net sales guidance of $3.4 billion to $3.6 billion2023 EPS guidance of $7.00 to $8.00 per diluted shareYear-end 2023 net cash balance guidance of $1.2 billion to $1.5 billion TEMPE, Ariz., Feb. 28, 2023 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the fourth quarter and year ended December 31, 2022. Net sales for the fourth quarter were $1.0 billion, an increase of $0.4 billion from the prior quarter. The increase was primarily a result of increased module sales and the sale of our Luz del Norte project in Chile in the fourth quarter. The Company reported a fourth quarter net loss per diluted share of $0.07 and full year net loss per diluted share of $0.41. Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $2.4 billion from $1.7 billion at the end of the prior quarter. The increase was primarily a result of advance payments received from customers offset by capital expenditures related to expansion in India and Ohio. “We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities,” said Mark Widmar, CEO of First Solar. “This momentum is driven by our points of differentiation, including our unique CdTe technology, vertically integrated manufacturing process, domestic production, and commitment to Responsible Solar. We enter this year in a significantly stronger commercial, operational, and financial position, with increased R&D investment, new domestic and international capacity coming online, and a new Series 7 product.” Forecasted net sales for 2023 are $3.4 billion to $3.6 billion. Operating income is forecasted to be $745 million to $870 million, which includes production start-up expense of $85 million to $90 million, ramp costs related to expansion projects and underutilization costs related to factory upgrades of $110 million to $130 million, and Inflation Reduction...