First Solar (FSLR) FY2017 results: revenue $2.9 billion, up 1.3% on the year
First Solar, Inc. (FSLR) reported revenue of $2.9 billion for fiscal 2017, the year ended 31 December 2017, up 1.3% on the year before. Net income was -$166 million, and diluted earnings per share $-1.59. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$2.9 billion
+1.3% on the year
FY2010FY2017
Operating margin
6.0%
-19.6% a year earlier
FY2010FY2017
Net income
-$166 million
FY2010FY2017
Diluted EPS
-$1.59
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,941
2,905
4,113
+1.3%
Cost of revenue
2,392
2,266
2,980
+5.6%
Gross profit
549
638
1,133
-14.0%
Gross margin
18.7%
22.0%
27.5%
Research and development
88.6
125
131
-29.0%
Selling, general and administrative
203
262
255
-22.6%
Operating income
178
-568
730
Operating margin
6.0%
-19.6%
17.8%
Interest expense
25.8
20.5
7.0
+25.5%
Pre-tax income
202
-537
733
Income tax
372
23.2
32.3
+1,505.7%
Effective tax rate
184.1%
n/a
4.4%
Net income
-166
-416
593
Net margin
-5.6%
-14.3%
14.4%
Diluted EPS
-$1.59
-$4.05
$5.83
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,341
207
-325
+548.4%
Capital expenditure
514
229
166
+124.2%
Free cash flow
826
-22.7
-492
Free cash flow margin
28.1%
-0.8%
-12.0%
Cash from investing
-627
145
-156
Cash from financing
192
-136
101
Depreciation and amortisation
91.9
204
225
-55.0%
Share-based compensation
35.1
28.7
44.9
+22.3%
Diluted shares, weighted
104m
103m
102m
+1.4%
Shares outstanding at period end
104m
104m
102m
+0.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
5,099
5,213
5,618
-2.2%
Debt
394
188
289
+108.9%
Other liabilities
1,372
1,423
1,409
-3.6%
Total liabilities and equity
6,865
6,824
7,316
+0.6%
Fixed assets
1,155
629
1,284
+83.5%
Goodwill
14.5
14.5
85.0
0.0%
Intangible assets
80.2
88.0
110
-8.8%
Investments
720
608
703
+18.5%
Cash and equivalents
2,269
1,347
1,127
+68.4%
Receivables
212
267
501
-20.6%
Inventory
172
363
380
-52.5%
Other assets
2,242
3,508
3,126
-36.1%
Total assets
6,865
6,824
7,316
+0.6%
10-K for the year ended 31 December 2017, filed 22 February 2019: the filing.