Tuesday, February 24, 2015

"First Solar, Inc. Announces Fourth Quarter and Full Year 2014 Financial Results" (FSLR)

The after-hours reaction is muted, down 7 cents at $54.63.
Conference call at 4:30 PM EST, more to come.

From the company:
  • Net sales of $1.0 billion for the fourth quarter and $3.4 billion for 2014
  • GAAP earnings per fully diluted share of $1.89 for the fourth quarter and $3.91 for 2014
  • Cash and marketable securities of $2.0 billion, net cash of $1.8 billion
  • 2014 full year bookings of 2.5GWdc; 2015 year-to-date bookings of 311MWdc
TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the fourth quarter and year ended December 31, 2014. Net sales were $1,008 million in the quarter, an increase of $119 million from the third quarter of 2014. The sequential increase in net sales resulted from the sale of the Solar Gen 2 project, initial revenue recognition on the Silver State South project and other projects under construction. Revenue recognition from the Desert Sunlight and Topaz projects were lower as the projects reached completion.

The Company reported a fourth quarter GAAP earnings per fully diluted share of $1.89, compared to earnings of $0.87 in the prior quarter. The increase in net income compared to the prior quarter was due to higher profit from the sale of the Solar Gen 2 project and project cost improvements.

Cash and marketable securities at the end of the fourth quarter were approximately $2.0 billion, an increase of approximately $876 million compared to the prior quarter. Cash flows from operations were $928 million in the fourth quarter. The increase in cash and marketable securities during the quarter was due to the sale of the Solar Gen 2 project and the collection of retention payments on the Topaz and Desert Sunlight projects....MORE