First Solar (FSLR) FY2018 results: revenue $2.2 billion, down 23.7% on the year
First Solar, Inc. (FSLR) reported revenue of $2.2 billion for fiscal 2018, the year ended 31 December 2018, down 23.7% on the year before. Net income was $144 million, and diluted earnings per share $1.36. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$2.2 billion
-23.7% on the year
FY2011FY2018
Operating margin
1.8%
6.0% a year earlier
FY2011FY2018
Net income
$144 million
FY2011FY2018
Diluted EPS
$1.36
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,244
2,941
2,905
-23.7%
Cost of revenue
1,852
2,392
2,266
-22.6%
Gross profit
392
549
638
-28.6%
Gross margin
17.5%
18.7%
22.0%
Research and development
84.5
88.6
125
-4.6%
Selling, general and administrative
177
203
262
-12.7%
Operating income
40.1
178
-568
-77.4%
Operating margin
1.8%
6.0%
-19.6%
Interest expense
25.9
25.8
20.5
+0.6%
Pre-tax income
113
202
-537
-44.0%
Income tax
3.4
372
23.2
-99.1%
Effective tax rate
3.0%
184.1%
n/a
Net income
144
-166
-416
Net margin
6.4%
-5.6%
-14.3%
Diluted EPS
$1.36
-$1.59
-$4.05
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
-327
1,341
207
Capital expenditure
740
514
229
+43.8%
Free cash flow
-1,067
826
-22.7
Free cash flow margin
-47.5%
28.1%
-0.8%
Cash from investing
-683
-627
145
Cash from financing
255
192
-136
+32.9%
Depreciation and amortisation
131
91.9
204
+42.3%
Share-based compensation
34.2
35.1
28.7
-2.8%
Diluted shares, weighted
106m
104m
103m
+1.7%
Shares outstanding at period end
105m
104m
104m
+0.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,212
5,099
5,213
+2.2%
Debt
467
394
188
+18.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
1,442
1,372
1,423
+5.1%
Total liabilities and equity
7,121
6,865
6,824
+3.7%
Fixed assets
1,756
1,155
629
+52.1%
Goodwill
14.5
14.5
14.5
0.0%
Intangible assets
74.2
80.2
88.0
-7.6%
Investments
1,144
720
608
+58.8%
Cash and equivalents
1,404
2,269
1,347
-38.1%
Receivables
128
212
267
-39.4%
Inventory
388
172
363
+125.0%
Other assets
2,213
2,242
3,508
-1.3%
Total assets
7,121
6,865
6,824
+3.7%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.