First Solar (FSLR) FY2019 results: revenue $3.1 billion, up 36.5% on the year
First Solar, Inc. (FSLR) reported revenue of $3.1 billion for fiscal 2019, the year ended 31 December 2019, up 36.5% on the year before. Net income was -$115 million, and diluted earnings per share $-1.09. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$3.1 billion
+36.5% on the year
FY2012FY2019
Operating margin
-5.3%
1.8% a year earlier
FY2012FY2019
Net income
-$115 million
FY2012FY2019
Diluted EPS
-$1.09
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,063
2,244
2,941
+36.5%
Cost of revenue
2,514
1,852
2,392
+35.7%
Gross profit
549
392
549
+40.0%
Gross margin
17.9%
17.5%
18.7%
Research and development
96.6
84.5
88.6
+14.4%
Selling, general and administrative
205
177
203
+16.2%
Operating income
-162
40.1
178
Operating margin
-5.3%
1.8%
6.0%
Interest expense
27.1
25.9
25.8
+4.4%
Pre-tax income
-120
113
202
Income tax
-5.5
3.4
372
Effective tax rate
n/a
3.0%
184.1%
Net income
-115
144
-166
Net margin
-3.8%
6.4%
-5.6%
Diluted EPS
-$1.09
$1.36
-$1.59
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
174
-327
1,341
Capital expenditure
669
740
514
-9.6%
Free cash flow
-495
-1,067
826
Free cash flow margin
-16.1%
-47.5%
28.1%
Cash from investing
-362
-683
-627
Cash from financing
74.9
255
192
-70.6%
Depreciation and amortisation
205
131
91.9
+57.2%
Share-based compensation
37.4
34.2
35.1
+9.6%
Diluted shares, weighted
105m
106m
104m
-0.8%
Shares outstanding at period end
105m
105m
104m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,097
5,212
5,099
-2.2%
Debt
472
467
394
+1.1%
Operating lease liabilities
113
0.0
n/a
Other liabilities
1,835
1,442
1,372
+27.2%
Total liabilities and equity
7,516
7,121
6,865
+5.5%
Fixed assets
2,181
1,756
1,155
+24.2%
Goodwill
14.5
14.5
14.5
0.0%
Intangible assets
64.5
74.2
80.2
-13.0%
Investments
812
1,144
720
-29.0%
Cash and equivalents
1,353
1,404
2,269
-3.6%
Receivables
475
128
212
+270.3%
Inventory
444
388
172
+14.3%
Other assets
2,173
2,213
2,242
-1.8%
Total assets
7,516
7,121
6,865
+5.5%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.