US-based thin-film solar firm First Solar has announced financial results for the quarter and year ended December 31, 2012. Net sales were a record US$1.1 billion in the fourth quarter, an increase of US$236 million from the third quarter of 2012 and US$415 million from the fourth quarter of 2011. The increase in net sales from the third quarter of 2012 was primarily due to increased revenue recognition for the Topaz project, and an increase in third-party module sales. Net sales for 2012 were US$3.4 billion, up 22% from 2011.
The firm reported fourth quarter GAAP net income per fully diluted share of US$1.74, compared to $1.00 in the third quarter of 2012 and a loss of US$4.78 in the fourth quarter of 2011, which included US$454 million in pre-tax goodwill impairment and restructuring charges. The fourth quarter of 2012 was impacted by pre-tax charges of US$25 million (reducing EPS by US$0.30), relating to previously announced restructuring actions. First Solar reported a full-year GAAP loss of US$1.11 per share for 2012, including the impact of pre-tax charges of US$529 million (reducing EPS by US$5.99), relating to previously announced restructuring actions and costs in excess of normal warranty.
First Solar also provided guidance for the first quarter of 2013. Net sales in first-quarter 2013 are expected to reach around US$650-750 million while gross margin to be around 25-27%. Operating income in the first quarter has been estimated to be around US$70-100 million, according to the firm. First Solar noted that the first quarter capex is forecast to be around US$80-100 million.
