First Solar (FSLR) FY2013 results: revenue $3.3 billion, down 1.8% on the year
First Solar, Inc. (FSLR) reported revenue of $3.3 billion for fiscal 2013, the year ended 31 December 2013, down 1.8% on the year before. Net income was $351 million, and diluted earnings per share $3.67. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$3.3 billion
-1.8% on the year
FY2007FY2013
Operating margin
11.2%
-1.1% a year earlier
FY2007FY2013
Net income
$351 million
FY2007FY2013
Diluted EPS
$3.67
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,309
3,369
2,766
-1.8%
Cost of revenue
2,446
2,516
1,794
-2.8%
Gross profit
865
853
972
+1.4%
Gross margin
26.1%
25.3%
35.1%
Research and development
134
132
141
+1.4%
Selling, general and administrative
270
281
413
-3.8%
Operating income
370
-37.6
-68.7
Operating margin
11.2%
-1.1%
-2.5%
Interest expense
1.9
13.9
0.1
-86.4%
Pre-tax income
381
-39.8
-53.7
Income tax
30.1
56.5
-14.2
-46.8%
Effective tax rate
7.9%
n/a
n/a
Net income
351
-96.3
-39.5
Net margin
10.6%
-2.9%
-1.4%
Diluted EPS
$3.67
-$1.11
-$0.46
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
856
762
-33.5
+12.3%
Capital expenditure
283
379
732
-25.5%
Free cash flow
574
383
-765
+49.8%
Free cash flow margin
17.3%
11.4%
-27.7%
Cash from investing
-537
-384
-676
Cash from financing
101
-89.1
571
Depreciation and amortisation
239
265
235
-10.0%
Share-based compensation
54.6
37.0
114
+47.6%
Dividend per share
$0.00
$0.00
$0.00
Diluted shares, weighted
95m
87m
86m
+9.9%
Shares outstanding at period end
100m
87m
86m
+14.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,468
3,573
3,644
+25.0%
Non-controlling interest
35.0
32.2
n/a
+8.7%
Short-term borrowings
n/a
0.0
0.0
Debt
223
563
664
-60.3%
Other liabilities
2,157
2,181
1,470
-1.1%
Total liabilities and equity
6,884
6,349
5,778
+8.4%
Fixed assets
1,385
1,525
1,816
-9.2%
Goodwill
85.0
65.4
65.4
+29.9%
Intangible assets
117
3.7
2.9
+3,043.7%
Investments
439
103
182
+328.1%
Cash and equivalents
1,325
901
606
+47.0%
Receivables
136
554
311
-75.4%
Inventory
389
435
476
-10.6%
Other assets
3,007
2,762
2,319
+8.9%
Total assets
6,884
6,349
5,778
+8.4%
10-K for the year ended 31 December 2013, filed 26 February 2014: the filing.