03.03.22
First Solar, Inc. announced financial results for the fourth quarter and year ended Dec. 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.
Net sales were $2.9 billion for 2021 and $0.9 billion for the fourth quarter. There are 17.5 GW DC of 2021 net bookings and 11.8 GW DC since third quarter earnings call. The 2022 net sales guidance is $2.4 billion to $2.6 billion.
“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.
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.
“We will continue to navigate near-term headwinds with a focus on the future, as we invest in realizing the full value of our differentiated thin-film technology,” said Widmar. “This pivotal year will revolve around continued significant investment in R&D, new products, manufacturing expansion, and employing new contracting strategies, all of which we believe set the stage for sustained growth in 2023 and beyond.”
First Solar also announced that it is in advanced stage discussions to sell its project development and O&M platform in Japan. The consideration of a potential sale for its Japan project development and O&M platform by First Solar is at a preliminary stage and may not result in any transaction being consummated.
Net sales were $2.9 billion for 2021 and $0.9 billion for the fourth quarter. There are 17.5 GW DC of 2021 net bookings and 11.8 GW DC since third quarter earnings call. The 2022 net sales guidance is $2.4 billion to $2.6 billion.
“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.
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.
“We will continue to navigate near-term headwinds with a focus on the future, as we invest in realizing the full value of our differentiated thin-film technology,” said Widmar. “This pivotal year will revolve around continued significant investment in R&D, new products, manufacturing expansion, and employing new contracting strategies, all of which we believe set the stage for sustained growth in 2023 and beyond.”
First Solar also announced that it is in advanced stage discussions to sell its project development and O&M platform in Japan. The consideration of a potential sale for its Japan project development and O&M platform by First Solar is at a preliminary stage and may not result in any transaction being consummated.