First Solar, Inc. (NASDAQ: FSLR) quarter-to-quarter net income fell slighting, despite a significant rise in revenues. However, the company nearly doubled it full-year income, according to 4Q and full-year results released today.
Quarterly revenues were $641.3 million, up from $480.9 million in 3Q09 and up from $433.7 million in 4Q08. Revenues for the fiscal year were $2,066.2 million, up from $1,246.3 million in 2008.
Net income for the quarter was $141.6 million or $1.65 per share on a fully diluted basis, compared to net income of $153.3 million or $1.79 per share on a fully diluted basis for3Q09. Net income for 4Q08 was $132.8 million or $1.61 per share on a fully diluted basis.
Net income for fiscal 2009 was $640.1 million or $7.53 per share on a fully diluted basis compared to net income of $348.3 million for fiscal 2008 or $4.24 per share on a fully diluted basis.
For 2010, First Solar forecasts net sales of $2.7 to $2.9 billion. EPS is projected in the range of $6.05 to $6.85. Total capital spending is projected to range from $500 to $550 million, including the Malaysian expansion. As a result, the Company expects to generate $730 to $790 million of operating cash flow and $180 to $290 million of free cash flow.
Reuters reported that investors were disappointed with the forcast, causing First Solar shares to fall 7%. Read additional coverage at the link below.
