First Solar (FSLR) FY2012 results: revenue $3.4 billion, up 21.8% on the year
First Solar, Inc. (FSLR) reported revenue of $3.4 billion for fiscal 2012, the year ended 31 December 2012, up 21.8% on the year before. Net income was -$96 million, and diluted earnings per share $-1.11. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$3.4 billion
+21.8% on the year
FY2007FY2012
Operating margin
-1.1%
-2.5% a year earlier
FY2007FY2012
Net income
-$96 million
FY2007FY2012
Diluted EPS
-$1.11
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
3,369
2,766
2,564
+21.8%
Cost of revenue
2,516
1,794
1,379
+40.2%
Gross profit
853
972
1,185
-12.2%
Gross margin
25.3%
35.1%
46.2%
Research and development
132
141
94.8
-5.7%
Selling, general and administrative
281
413
322
-31.9%
Operating income
-37.6
-68.7
749
Operating margin
-1.1%
-2.5%
29.2%
Interest expense
13.9
0.1
0.0
+13,788.0%
Pre-tax income
-39.8
-53.7
762
Income tax
56.5
-14.2
97.9
Effective tax rate
n/a
n/a
12.8%
Net income
-96.3
-39.5
664
Net margin
-2.9%
-1.4%
25.9%
Diluted EPS
-$1.11
-$0.46
$7.68
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
762
-33.5
705
Capital expenditure
379
732
589
-48.2%
Free cash flow
383
-765
117
Free cash flow margin
11.4%
-27.7%
4.5%
Cash from investing
-384
-676
-742
Cash from financing
-89.1
571
150
Depreciation and amortisation
265
235
156
+12.8%
Share-based compensation
37.0
114
99.6
-67.7%
Dividend per share
$0.00
$0.00
$0.00
Diluted shares, weighted
87m
86m
86m
+0.9%
Shares outstanding at period end
87m
86m
86m
+0.8%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
3,573
3,644
3,455
-1.9%
Non-controlling interest
32.2
n/a
n/a
Short-term borrowings
0.0
0.0
0.0
Debt
563
664
237
-15.2%
Other liabilities
2,181
1,470
688
+48.3%
Total liabilities and equity
6,349
5,778
4,380
+9.9%
Fixed assets
1,525
1,816
1,431
-16.0%
Goodwill
65.4
65.4
433
0.0%
Intangible assets
3.7
2.9
0.4
+30.8%
Investments
103
182
348
-43.7%
Cash and equivalents
901
606
766
+48.8%
Receivables
554
311
306
+78.2%
Inventory
435
476
196
-8.6%
Other assets
2,762
2,319
901
+19.1%
Total assets
6,349
5,778
4,380
+9.9%
10-K for the year ended 31 December 2012, filed 27 February 2013: the filing.