First Solar (FSLR) FY2015 results: revenue $4.1 billion, up 21.3% on the year
First Solar, Inc. (FSLR) reported revenue of $4.1 billion for fiscal 2015, the year ended 31 December 2015, up 21.3% on the year before. Net income was $593 million, up 49.9%, and diluted earnings per share $5.83. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$4.1 billion
+21.3% on the year
FY2008FY2015
Operating margin
17.8%
12.4% a year earlier
FY2008FY2015
Net income
$593 million
+49.9% on the year
FY2008FY2015
Diluted EPS
$5.83
+49.5% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
4,113
3,392
3,309
+21.3%
Cost of revenue
2,980
2,565
2,446
+16.2%
Gross profit
1,133
825
865
+37.3%
Gross margin
27.5%
24.3%
26.1%
Research and development
131
144
134
-9.3%
Selling, general and administrative
255
254
270
+0.5%
Operating income
730
422
370
+73.0%
Operating margin
17.8%
12.4%
11.2%
Interest expense
7.0
2.0
1.9
+251.9%
Pre-tax income
733
432
381
+69.8%
Income tax
32.3
31.2
30.1
+3.7%
Effective tax rate
4.4%
7.2%
7.9%
Net income
593
396
351
+49.9%
Net margin
14.4%
11.7%
10.6%
Diluted EPS
$5.83
$3.90
$3.67
+49.5%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
-325
736
856
Capital expenditure
166
258
283
-35.4%
Free cash flow
-492
478
574
Free cash flow margin
-12.0%
14.1%
17.3%
Cash from investing
-156
-388
-537
Cash from financing
101
-46.9
101
Depreciation and amortisation
225
217
239
+4.0%
Share-based compensation
44.9
43.8
54.6
+2.5%
Dividend per share
n/a
n/a
$0.00
Diluted shares, weighted
102m
102m
95m
+0.2%
Shares outstanding at period end
102m
100m
100m
+1.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
5,618
4,991
4,468
+12.6%
Non-controlling interest
n/a
n/a
35.0
Debt
289
213
223
+35.6%
Other liabilities
1,409
1,519
2,157
-7.3%
Total liabilities and equity
7,316
6,724
6,884
+8.8%
Fixed assets
1,284
1,420
1,385
-9.6%
Goodwill
85.0
85.0
85.0
0.0%
Intangible assets
110
119
117
-7.7%
Investments
703
509
439
+38.2%
Cash and equivalents
1,127
1,482
1,325
-24.0%
Receivables
501
135
136
+269.6%
Inventory
380
505
389
-24.7%
Other assets
3,126
2,469
3,007
+26.6%
Total assets
7,316
6,724
6,884
+8.8%
10-K for the year ended 31 December 2015, filed 24 February 2016: the filing.