First Solar (FSLR) FY2014 results: revenue $3.4 billion, up 2.5% on the year
First Solar, Inc. (FSLR) reported revenue of $3.4 billion for fiscal 2014, the year ended 31 December 2014, up 2.5% on the year before. Net income was $396 million, up 12.9%, and diluted earnings per share $3.90. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$3.4 billion
+2.5% on the year
FY2007FY2014
Operating margin
12.4%
11.2% a year earlier
FY2007FY2014
Net income
$396 million
+12.9% on the year
FY2007FY2014
Diluted EPS
$3.90
+6.3% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,392
3,309
3,369
+2.5%
Cost of revenue
2,565
2,446
2,516
+4.8%
Gross profit
825
865
853
-4.6%
Gross margin
24.3%
26.1%
25.3%
Research and development
144
134
132
+7.2%
Selling, general and administrative
254
270
281
-6.1%
Operating income
422
370
-37.6
+13.9%
Operating margin
12.4%
11.2%
-1.1%
Interest expense
2.0
1.9
13.9
+5.2%
Pre-tax income
432
381
-39.8
+13.4%
Income tax
31.2
30.1
56.5
+3.6%
Effective tax rate
7.2%
7.9%
n/a
Net income
396
351
-96.3
+12.9%
Net margin
11.7%
10.6%
-2.9%
Diluted EPS
$3.90
$3.67
-$1.11
+6.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
736
856
762
-14.1%
Capital expenditure
258
283
379
-8.9%
Free cash flow
478
574
383
-16.7%
Free cash flow margin
14.1%
17.3%
11.4%
Cash from investing
-388
-537
-384
Cash from financing
-46.9
101
-89.1
Depreciation and amortisation
217
239
265
-9.3%
Share-based compensation
43.8
54.6
37.0
-19.7%
Dividend per share
n/a
$0.00
$0.00
Diluted shares, weighted
102m
95m
87m
+6.5%
Shares outstanding at period end
100m
100m
87m
+0.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,991
4,468
3,573
+11.7%
Non-controlling interest
n/a
35.0
32.2
Short-term borrowings
n/a
n/a
0.0
Debt
213
223
563
-4.4%
Other liabilities
1,519
2,157
2,181
-29.6%
Total liabilities and equity
6,724
6,884
6,349
-2.3%
Fixed assets
1,420
1,385
1,525
+2.5%
Goodwill
85.0
85.0
65.4
0.0%
Intangible assets
119
117
3.7
+1.6%
Investments
509
439
103
+15.9%
Cash and equivalents
1,482
1,325
901
+11.8%
Receivables
135
136
554
-0.7%
Inventory
505
389
435
+29.9%
Other assets
2,469
3,007
2,762
-17.9%
Total assets
6,724
6,884
6,349
-2.3%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.