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First Solar (FSLR) Q4 Earnings Beat Estimates, Sales Rise Y/Y
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First Solar, Inc. (FSLR - Free Report) reported fourth-quarter 2021 earnings of $1.23 per share, which surpassed the Zacks Consensus Estimate of $1.07 by 15%. The bottom line increased 13.9% from the prior-year quarter’s earnings of $1.08 per share .
First Solar reported earnings per share (EPS) of $4.38 for full-year 2021, which increased 17.4% from $3.73 reported in 2020. Earnings also beat the Zacks Consensus Estimate of $4.25 per share by 3.1%.
Sales Update
First Solar’s fourth-quarter sales were $907.3 million, which lagged the Zacks Consensus Estimate of $915 million by 0.8%. However, the top line improved 48.9% from the year-ago quarter’s $609.2 million.
In 2021, FSLR generated sales worth $2.92 billion, up 7.8% from the year-ago figure. Revenues lagged the Zacks Consensus Estimate of $2.93 billion by a whisker.
First Solar, Inc. Price, Consensus and EPS Surprise
In the fourth quarter, gross profit totaled $246.5 million, which increased significantly from $159.9 million in the year-ago quarter.
Total operating expenses slumped 28.2% to $73.3 million due to lower SG&A costs and production start-up costs.
The company reported an operating income of $173.2 million compared with an operating income of $57.8 million in the year-ago quarter. The upside was due to the significantly higher gross profit in the quarter.
Financial Performance
First Solar had $1,450.7 million of cash and cash equivalents as of Dec 31, 2021, up from $1,227 million as of Dec 31, 2020.
Long-term debt totaled $236 million as of Dec 31, 2021 compared with $237.7 million as of Dec 31, 2020.
2022 Guidance
First Solar initiated its 2022 earnings guidance. The company expects earnings in the range of $0.00-$0.60 per share on sales of the $2.4-2.6 billion range in 2022.
The Zacks Consensus Estimate for 2022 earnings is pegged at $1.68 per share, higher than the company’s projected range. The Zacks Consensus Estimate for 2022 sales stands at $2.75 billion, more than the guided range.
The company expects gross profit in the range of $155 million-$215 million, while operating income is anticipated in the band of $55-$150 million.
Meanwhile, FSLR forecasts shipments in the band of 8.9-9.4 gigawatts in 2022.
Zacks Rank
First Solar currently carries a Zacks Rank #3 (Hold).
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.
Enphase Energy’s fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. ENPH’s top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems.
SunPower (SPWR - Free Report) reported a fourth-quarter 2021 loss of 7 cents per share, which lagged the Zacks Consensus Estimate of earnings of 4 cents. The bottom line significantly declined from earnings of 14 cents per share reported in the prior-year quarter.
SunPower’s total revenues for the quarter came in at $384.2 million, which declined 13.8% from the prior-year quarter. SPWR’s top line also beat the Zacks Consensus Estimate of $379.1 million by 1.3%.
Sunrun (RUN - Free Report) reported fourth-quarter 2021 earnings of 10 cents per share, in line with the Zacks Consensus Estimate. The bottom line significantly improved from a loss of 6 cents per share reported in the prior-year quarter.
Sunrun’s total revenues for the quarter came in at $435.2 million, which increased 35.8% from the prior-year quarter. RUN’s top line also surpassed the Zacks Consensus Estimate by 11%.
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First Solar (FSLR) Q4 Earnings Beat Estimates, Sales Rise Y/Y
First Solar, Inc. (FSLR - Free Report) reported fourth-quarter 2021 earnings of $1.23 per share, which surpassed the Zacks Consensus Estimate of $1.07 by 15%. The bottom line increased 13.9% from the prior-year quarter’s earnings of $1.08 per share .
First Solar reported earnings per share (EPS) of $4.38 for full-year 2021, which increased 17.4% from $3.73 reported in 2020. Earnings also beat the Zacks Consensus Estimate of $4.25 per share by 3.1%.
Sales Update
First Solar’s fourth-quarter sales were $907.3 million, which lagged the Zacks Consensus Estimate of $915 million by 0.8%. However, the top line improved 48.9% from the year-ago quarter’s $609.2 million.
In 2021, FSLR generated sales worth $2.92 billion, up 7.8% from the year-ago figure. Revenues lagged the Zacks Consensus Estimate of $2.93 billion by a whisker.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
Operational Highlights
In the fourth quarter, gross profit totaled $246.5 million, which increased significantly from $159.9 million in the year-ago quarter.
Total operating expenses slumped 28.2% to $73.3 million due to lower SG&A costs and production start-up costs.
The company reported an operating income of $173.2 million compared with an operating income of $57.8 million in the year-ago quarter. The upside was due to the significantly higher gross profit in the quarter.
Financial Performance
First Solar had $1,450.7 million of cash and cash equivalents as of Dec 31, 2021, up from $1,227 million as of Dec 31, 2020.
Long-term debt totaled $236 million as of Dec 31, 2021 compared with $237.7 million as of Dec 31, 2020.
2022 Guidance
First Solar initiated its 2022 earnings guidance. The company expects earnings in the range of $0.00-$0.60 per share on sales of the $2.4-2.6 billion range in 2022.
The Zacks Consensus Estimate for 2022 earnings is pegged at $1.68 per share, higher than the company’s projected range. The Zacks Consensus Estimate for 2022 sales stands at $2.75 billion, more than the guided range.
The company expects gross profit in the range of $155 million-$215 million, while operating income is anticipated in the band of $55-$150 million.
Meanwhile, FSLR forecasts shipments in the band of 8.9-9.4 gigawatts in 2022.
Zacks Rank
First Solar currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.
Enphase Energy’s fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. ENPH’s top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems.
SunPower (SPWR - Free Report) reported a fourth-quarter 2021 loss of 7 cents per share, which lagged the Zacks Consensus Estimate of earnings of 4 cents. The bottom line significantly declined from earnings of 14 cents per share reported in the prior-year quarter.
SunPower’s total revenues for the quarter came in at $384.2 million, which declined 13.8% from the prior-year quarter. SPWR’s top line also beat the Zacks Consensus Estimate of $379.1 million by 1.3%.
Sunrun (RUN - Free Report) reported fourth-quarter 2021 earnings of 10 cents per share, in line with the Zacks Consensus Estimate. The bottom line significantly improved from a loss of 6 cents per share reported in the prior-year quarter.
Sunrun’s total revenues for the quarter came in at $435.2 million, which increased 35.8% from the prior-year quarter. RUN’s top line also surpassed the Zacks Consensus Estimate by 11%.