Strong points :
- The company reported net sales of $0.9 billion for the fourth quarter, an increase of $0.3 billion from the previous quarter.
- The increase was primarily the result of international project sales and higher module sales in the fourth quarter of FY21, the company said.
U.S. solar panel maker First Solar announced its financial results for the fourth quarter and fiscal year ended December 31, 2021, reporting net sales worth $0.9 billion for the fourth quarter, an increase $0.3 billion from the previous quarter. The 50% increase was primarily the result of international project sales and increased module sales in the fourth quarter of FY21, the company said.
Unique among the top ten solar manufacturers in the world for being the only company headquartered in the United States, for not using crystalline silicon (c-Si) semiconductors, and for not manufacturing in China, First Solar states that its thin-film photovoltaic modules are produced using a fully integrated continuous process under one roof without depending on Chinese c-Si supply chains.
“I would like to express my gratitude to the entire First Solar team for their hard work and perseverance during a year when much of the solar PV manufacturing industry has had to face supply chainpandemic logistics, costs and challenges,” said First Solar CEO Mark Widmar.
“Despite this momentum, our full-year 2021 diluted earnings per share is above the midpoint of the guidance range we provided at the time of our third quarter earnings call, and is solidly within the initial guidance range provided last February.”
The company reported fourth-quarter net earnings per diluted share of $1.23 and annual net earnings per diluted share of $4.38.
Cash, cash equivalents, restricted cash and marketable securities at the end of the fourth quarter decreased to $1.8 billion from $1.9 billion at the end of the prior quarter. The decline was primarily the result of capital expenditures related to expansion in India and Ohio and operating expenses, the company said.
Projected net sales for 2022 are $2.4-2.6 billion. Operating profit is expected to be between $55 million and $150 million, which includes production start-up expenses of $85 million to $90 million, underutilization losses related to plant upgrades of 10 to $15 million and a pre-tax gain related to the potential sale. of the Japanese project development and O&M platform of about $270-290 million. Expected net earnings per diluted share are $0.00 to $0.60. The net cash balance at the end of 2022 is expected to be between $1.1 billion and $1.35 billion.
The full forecast for 2022 is as follows:
“We have capacity expansion for two new plants: one here in Ohio, one in India…we are working to evaluate further expansion,” Widmar said during the company’s earnings call at the fourth quarter of fiscal year 21.
Widmar clarified, “India Pipeline, there’s a lot going on. There are lots of opportunities.
In December last year, the U.S. International Development Finance Corporation (DFC) approved up to $500 million in debt financing for First Solar to support the solar photovoltaic (PV) module manufacturing plant. vertically integrated company in Tamil Nadu, with a projected annual capacity of 3.3 gigawatts (GW)
“Normally, you might see them looking to secure modules about a year later. In terms of when planned deliveries are needed, we are still looking at the second half of 23. So we are over a year away from when the plant will be operational. And we’re a little careful about front-end production loading filling that volume at this point, just because there could be potential delays,” he said.
We have a lot of opportunities in the pipeline. And I think you’re going to see several gigawatts of reservations before the end of the year for India,” Widmar reiterated.