First Solar (FSLR) FY2011 results: revenue $2.8 billion, up 7.9% on the year
First Solar, Inc. (FSLR) reported revenue of $2.8 billion for fiscal 2011, the year ended 31 December 2011, up 7.9% on the year before. Net income was -$39 million, and diluted earnings per share $-0.46. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2012.
Revenue
$2.8 billion
+7.9% on the year
FY2007FY2011
Operating margin
-2.5%
29.2% a year earlier
FY2007FY2011
Net income
-$39 million
FY2007FY2011
Diluted EPS
-$0.46
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
2,766
2,564
2,066
+7.9%
Cost of revenue
1,794
1,379
1,022
+30.2%
Gross profit
972
1,185
1,045
-18.0%
Gross margin
35.1%
46.2%
50.6%
Research and development
141
94.8
78.2
+48.2%
Selling, general and administrative
413
322
273
+28.2%
Operating income
-68.7
749
680
Operating margin
-2.5%
29.2%
32.9%
Interest expense
0.1
0.0
5.3
+1,566.7%
Pre-tax income
-53.7
762
686
Income tax
-14.2
97.9
46.2
Effective tax rate
n/a
12.8%
6.7%
Net income
-39.5
664
640
Net margin
-1.4%
25.9%
31.0%
Diluted EPS
-$0.46
$7.68
$7.53
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
-33.5
705
675
Capital expenditure
732
589
280
+24.3%
Free cash flow
-765
117
395
Free cash flow margin
-27.7%
4.5%
19.1%
Cash from investing
-676
-742
-702
Cash from financing
571
150
-22.0
+279.7%
Depreciation and amortisation
235
156
130
+50.7%
Share-based compensation
114
99.6
88.7
+14.9%
Dividend per share
$0.00
$0.00
n/a
Diluted shares, weighted
86m
86m
85m
-0.5%
Shares outstanding at period end
86m
86m
85m
+0.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
3,644
3,455
2,653
+5.5%
Short-term borrowings
0.0
0.0
0.0
Debt
664
237
175
+179.6%
Other liabilities
1,470
688
522
+113.7%
Total liabilities and equity
5,778
4,380
3,350
+31.9%
Fixed assets
1,816
1,431
989
+26.9%
Goodwill
65.4
433
287
-84.9%
Intangible assets
2.9
0.4
n/a
+663.4%
Investments
182
348
450
-47.6%
Cash and equivalents
606
766
664
-20.9%
Receivables
311
306
227
+1.6%
Inventory
476
196
153
+143.0%
Other assets
2,319
901
580
+157.5%
Total assets
5,778
4,380
3,350
+31.9%
10-K for the year ended 31 December 2011, filed 29 February 2012: the filing.