Conference call at 4:30 PM EST, more to come.
From the company:
TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today announced financial results for the fourth quarter and year ended December 31, 2014. Net sales were $1,008 million in the quarter, an increase of $119 million from the third quarter of 2014. The sequential increase in net sales resulted from the sale of the Solar Gen 2 project, initial revenue recognition on the Silver State South project and other projects under construction. Revenue recognition from the Desert Sunlight and Topaz projects were lower as the projects reached completion.
- Net sales of $1.0 billion for the fourth quarter and $3.4 billion for 2014
- GAAP earnings per fully diluted share of $1.89 for the fourth quarter and $3.91 for 2014
- Cash and marketable securities of $2.0 billion, net cash of $1.8 billion
- 2014 full year bookings of 2.5GWdc; 2015 year-to-date bookings of 311MWdc
The Company reported a fourth quarter GAAP earnings per fully diluted share of $1.89, compared to earnings of $0.87 in the prior quarter. The increase in net income compared to the prior quarter was due to higher profit from the sale of the Solar Gen 2 project and project cost improvements.
Cash and marketable securities at the end of the fourth quarter were approximately $2.0 billion, an increase of approximately $876 million compared to the prior quarter. Cash flows from operations were $928 million in the fourth quarter. The increase in cash and marketable securities during the quarter was due to the sale of the Solar Gen 2 project and the collection of retention payments on the Topaz and Desert Sunlight projects....MORE
