First Solar Announces Loss For 2016
Tempe, USA - First Solar, Inc. announced financial results for the fourth quarter and year ended December 31, 2016.
The Company reported a fourth quarter loss per share of (6.92) US-Dollar, compared to earnings per share of 1.63 US-Dollar in the prior quarter. The fourth quarter was impacted by pre-tax charges of 729 million US-Dollar, primarily related to previously announced restructuring actions. Restructuring related charges in the third quarter were 4 million US-Dollar. Fourth quarter non-GAAP earnings per share, adjusted for restructuring charges and a tax expense associated with a distribution of cash to the United States, were 1.24 US-Dollar. Net income decreased versus the prior quarter as a result of lower net sales, higher restructuring charges and an increase in tax expense, partially offset by an increase in equity in earnings. During the fourth quarter, the Company completed the sale of its remaining interest in the Desert Stateline project and recognized 125 million US-Dollar of profit, net of tax, in equity in earnings.
"Despite the difficult restructuring decisions that we undertook in the fourth quarter, we ended the year with strong operational results," said Mark Widmar, CEO of First Solar. "Our best line exited the quarter running above 16.9 percent conversion efficiency, and for the full year our fleet averaged 16.4 percent efficiency, an 80 basis point improvement over the prior year. From a financial perspective we delivered full year non-GAAP earnings per share of 5.17 US-Dollar, exceeding our guidance for the year. We ended the year with 1.8 billion US-Dollar of net cash and are well positioned as we move forward with our Series 6 transition." The Company updated its 2017 revenue guidance and now expects net sales in the range between 2.8
Source: IWR Online, 22 Feb 2017
