Press release
First Solar, Inc. Announces Fourth Quarter & Full Year 2019 Financial Results
Net sales of $3.1 billion for 2019 and $1.4 billion for the fourth quarterGAAP loss per share of $(1.09) for 2019 and $(0.56) for the fourth quarterNon-GAAP
About this update from First Solar, Inc.
[{"type":"text","content":"Net sales of $3.1 billion for 2019 and $1.4 billion for the fourth quarterGAAP loss per share of $(1.09) for 2019 and $(0.56) for the fourth quarterNon-GAAP EPS, adjusting for litigation losses, of $1.48 for 2019Cash, restricted cash and marketable securities of $2.3 billion; net cash of $1.8 billion6.1GWDC of 2019 net bookings; 0.7GWDC of 2020 YTD net bookings TEMPE, Ariz., Feb. 20, 2020 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the fourth quarter and year ended December 31, 2019. Net sales for the fourth quarter were $1.4 billion, an increase of $0.9 billion from the prior quarter. The increase was primarily a result of project sales in the United States and increased module shipments.\n The Company reported a fourth quarter GAAP loss per share of $(0.56), compared to GAAP earnings per share (“EPS”) of $0.29 in the prior quarter, and full year GAAP loss per share of $(1.09). On a non-GAAP basis, adjusting for litigation losses and the associated tax effect, the Company reported full year EPS of $1.48. Cash, restricted cash and marketable securities at the end of the fourth quarter increased to $2.3 billion from $1.6 billion at the end of the prior quarter. The increase was primarily a result of cash received from project sales in the United States, module sales and advance payments received for sales of modules prior to the step down of the investment tax credit in the United States. “Despite our reported loss, I am pleased with the continued execution of our Series 6 roadmap,” said Mark Widmar, CEO of First Solar. “With ongoing improvements in throughput and efficiency across our fleet, strong demand for Series 6, and our pipeline of contracted shipments as far out as 2023, we are well positioned for the future.” For a reconciliation of the non-GAAP measure presented above to the most directly comparable measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”), see the table below. First Solar has scheduled a conference call for today, February 20, 2020 at 4:30 p.m. ET to discuss this announcement. A live webcast of this conference call and accompanying materials are available at investor.firstsolar.com. An audio replay of the conference call will be available through Thursday, February 27, 2020 and can be accessed by dialing +...