First Solar (FSLR) FY2016 results: revenue $2.9 billion, down 29.4% on the year
First Solar, Inc. (FSLR) reported revenue of $2.9 billion for fiscal 2016, the year ended 31 December 2016, down 29.4% on the year before. Net income was -$416 million, and diluted earnings per share $-4.05. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$2.9 billion
-29.4% on the year
FY2009FY2016
Operating margin
-19.6%
17.8% a year earlier
FY2009FY2016
Net income
-$416 million
FY2009FY2016
Diluted EPS
-$4.05
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,905
4,113
3,392
-29.4%
Cost of revenue
2,266
2,980
2,565
-24.0%
Gross profit
638
1,133
825
-43.6%
Gross margin
22.0%
27.5%
24.3%
Research and development
125
131
144
-4.5%
Selling, general and administrative
262
255
254
+2.7%
Operating income
-568
730
422
Operating margin
-19.6%
17.8%
12.4%
Interest expense
20.5
7.0
2.0
+194.5%
Pre-tax income
-537
733
432
Income tax
23.2
32.3
31.2
-28.3%
Effective tax rate
n/a
4.4%
7.2%
Net income
-416
593
396
Net margin
-14.3%
14.4%
11.7%
Diluted EPS
-$4.05
$5.83
$3.90
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
207
-325
736
Capital expenditure
229
166
258
+37.9%
Free cash flow
-22.7
-492
478
Free cash flow margin
-0.8%
-12.0%
14.1%
Cash from investing
145
-156
-388
Cash from financing
-136
101
-46.9
Depreciation and amortisation
204
225
217
-9.3%
Share-based compensation
28.7
44.9
43.8
-36.1%
Diluted shares, weighted
103m
102m
102m
+1.0%
Shares outstanding at period end
104m
102m
100m
+2.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
5,213
5,618
4,991
-7.2%
Debt
188
289
213
-34.9%
Other liabilities
1,423
1,409
1,519
+1.0%
Total liabilities and equity
6,824
7,316
6,724
-6.7%
Fixed assets
629
1,284
1,420
-51.0%
Goodwill
14.5
85.0
85.0
-83.0%
Intangible assets
88.0
110
119
-20.0%
Investments
608
703
509
-13.6%
Cash and equivalents
1,347
1,127
1,482
+19.6%
Receivables
267
501
135
-46.7%
Inventory
363
380
505
-4.5%
Other assets
3,508
3,126
2,469
+12.2%
Total assets
6,824
7,316
6,724
-6.7%
10-K for the year ended 31 December 2016, filed 22 February 2019: the filing.