First Solar, Inc. Announces 4Q, Full Year 2020 Financial Results

In the face of increasing competition, First Solar, Inc. had a solid year, with net sales of $2.7 billion for the year. In its financial results for the fourth quarter and year ended Dec. 31, 2020, First Solar reported net sales for the fourth quarter were $0.6 billion, a decrease of $0.3 billion from the prior quarter. The decrease was primarily a result of higher international project sales in the third quarter, which were partially offset by increased module sales in the fourth quarter.

Cash, restricted cash, and marketable securities at the end of the fourth quarter increased to $1.8 billion from $1.7 billion at the end of the prior quarter. The increase was primarily a result of module segment operating cash flows, which were partially offset by capital expenditures and operating expenses.

“Although 2020 was a very challenging year, I’m proud of the way our team responded,” said Mark Widmar, CEO of First Solar. “Despite continued intense competition across the crystalline PV supply chain and unforeseen challenges related to the pandemic, we are pleased with our financial and operational results in 2020. The momentum that we cultivated in 2020 has continued in 2021 with year-to-date bookings of 1.9 GW.”

Forecasted net sales for 2021 are $2.85 billion to $3.0 billion, which includes $2.45 billion to $2.55 billion of module segment net sales. Operating income is forecasted to be $545 million to $640 million.

“Since our company’s founding over 20 years ago, the PV industry has been through periods of rapid growth, declining costs, and technology evolutions,” said Widmar. “As one of the few solar companies that both entered and exited this last decade, and the only US-headquartered company among the 10 largest PV module manufacturers globally, we have continued to adapt our business model to remain competitive and differentiated in a constantly evolving market. As we look into the future, our pace of technological innovation will be critical to our competitive strength, enabling us to leverage our points of differentiation and capture compelling value for our technology.”