First Solar (FSLR) FY2020 results: revenue $2.7 billion, down 11.5% on the year
First Solar, Inc. (FSLR) reported revenue of $2.7 billion for fiscal 2020, the year ended 31 December 2020, down 11.5% on the year before. Net income was $398 million, and diluted earnings per share $3.73. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$2.7 billion
-11.5% on the year
FY2013FY2020
Operating margin
11.7%
-5.3% a year earlier
FY2013FY2020
Net income
$398 million
FY2013FY2020
Diluted EPS
$3.73
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,711
3,063
2,244
-11.5%
Cost of revenue
2,031
2,514
1,852
-19.2%
Gross profit
681
549
392
+23.9%
Gross margin
25.1%
17.9%
17.5%
Research and development
93.7
96.6
84.5
-3.0%
Selling, general and administrative
223
205
177
+8.5%
Operating income
317
-162
40.1
Operating margin
11.7%
-5.3%
1.8%
Interest expense
24.0
27.1
25.9
-11.2%
Pre-tax income
293
-120
113
Income tax
-107
-5.5
3.4
Effective tax rate
-36.6%
n/a
3.0%
Net income
398
-115
144
Net margin
14.7%
-3.8%
6.4%
Diluted EPS
$3.73
-$1.09
$1.36
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
37.1
174
-327
-78.7%
Capital expenditure
417
669
740
-37.7%
Free cash flow
-380
-495
-1,067
Free cash flow margin
-14.0%
-16.1%
-47.5%
Cash from investing
-131
-362
-683
Cash from financing
-82.6
74.9
255
Depreciation and amortisation
233
205
131
+13.4%
Share-based compensation
29.3
37.4
34.2
-21.8%
Diluted shares, weighted
107m
105m
106m
+1.3%
Shares outstanding at period end
106m
105m
105m
+0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,521
5,097
5,212
+8.3%
Debt
279
472
467
-40.8%
Operating lease liabilities
189
113
0.0
+68.0%
Other liabilities
1,120
1,835
1,442
-39.0%
Total liabilities and equity
7,109
7,516
7,121
-5.4%
Fixed assets
2,402
2,181
1,756
+10.1%
Goodwill
14.5
14.5
14.5
0.0%
Intangible assets
56.1
64.5
74.2
-13.0%
Investments
520
812
1,144
-35.9%
Cash and equivalents
1,227
1,353
1,404
-9.3%
Receivables
266
475
128
-44.0%
Inventory
568
444
388
+28.0%
Other assets
2,055
2,173
2,213
-5.4%
Total assets
7,109
7,516
7,121
-5.4%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.