First Solar, Inc. Announces 4Q, Full Year 2019 Financial Results

First Solar, Inc. announced financial results for the fourth quarter and year ended Dec. 31, 2019. Net sales for the fourth quarter were $1.4 billion, an increase of $0.9 billion from the prior quarter, and full-year sales of $3.1 billion. The increase was primarily a result of project sales in the US and increased module shipments.

The company reported a fourth-quarter GAAP loss per share of $(0.56), compared to GAAP earnings per share (EPS) of $0.29 in the prior quarter, and full-year GAAP loss per share of $(1.09).

Cash, restricted cash and marketable securities at the end of the fourth quarter increased to $2.3 billion from $1.6 billion at the end of the prior quarter. The increase was primarily a result of cash received from project sales in the US, module sales and advance payments received for sales of modules before the step down of the investment tax credit in the US.

“Despite our reported loss, I am pleased with the continued execution of our Series 6 roadmap,” said Mark Widmar, CEO of First Solar. “With ongoing improvements in throughput and efficiency across our fleet, strong demand for Series 6, and our pipeline of contracted shipments as far out as 2023, we are well-positioned for the future.”