FSLR 2010 results:
sales 2.564B$
EPS $7.68
gross margin 46%
cash 934M
LT debt 211M
Module manufacturing cost for the fourth quarter was reduced to $0.75/watt, down 11% year over year
Line throughput was up 17% year over year to 62.6 MW; increasing operating and announced capacity to 2.9 GW by 2012
Module conversion efficiency rose 0.5% year over year to 11.6%
Exceeded 3 GW of cumulative production, and produced 1.4 GW in 2010
Built the largest operational solar PV plant in the world, Sarnia (Canada, 80 MW) and the largest in the U.S., Copper Mountain (Nevada, 48 MW)
Pending Agua Caliente (290 MW) sale to NRG; will be the largest PV facility in the world when completed in 2013
Acquired NextLight and Edison Mission Group to expand our North American captive project pipeline to 2.4 GW
2011 guidance:
* Net sales of $3.7 to $3.8 billion
* Operating income of $910 to $980 million
* Earnings per fully diluted share of $9.25 to $9.75
* Includes $60 to $70 million of manufacturing start-up expenses and $15 to $20 million of factory ramp costs
* Total capital spending of $1.0 to $1.1 billion
* Operating cash flow of $1.0 to $1.1 billion
"We have good demand visibility in 2011 and a broader geographic reach, which gives us confidence in our ability to sell the 2 GW that we plan to produce."
investor.firstsolar.com
my comments:
1. impressive manufacturing cost decline, YOY.
2. their guidance is far more detailed than anyone else's
3. shares up YOY only 1.5M, to 86.5M; net cash increased
4. by contrast, TSL, YGE, most others, are still funding expansion via share bloat and debt.
5. PE = 165/9.5 = 17, using 2011 guidance; or 165/7.68 = 21 using 2010 earnings.
6. their gross margin is far above anyone else in the industry. I still think that's the best measure of competitiveness in this industry. |
