First Solar(FSLR) - 2023 Q4 - Annual Results

Financial Performance - Fourth quarter net sales reached $1.2 billion, a $0.4 billion increase from the prior quarter, while full year net sales for 2023 totaled $3.3 billion, up from $2.6 billion in 2022[2][5] - Fourth quarter net income per diluted share was $3.25, and full year net income per diluted share was $7.74[3][5] - Gross profit for the year ended December 31, 2023, was $1,300,679, compared to $69,858 in 2022, indicating a significant improvement[16] - Operating income for Q4 2023 was $397,784, compared to a loss of $(45,906) in Q4 2022, reflecting a strong turnaround[16] - Net income for the year ended December 31, 2023, was $830,777, a substantial recovery from a loss of $(44,166) in 2022[19] - Cash provided by operating activities for the year 2023 was $602,260, down from $873,369 in 2022, indicating a decrease in cash flow[19] - The company reported a net cash increase of $471,607 for the year 2023, compared to $37,625 in 2022[19] - Interest income for the year 2023 was $97,667, significantly higher than $33,284 in 2022, indicating improved financial performance[16] Future Projections - 2024 net sales guidance is projected to be between $4.4 billion and $4.6 billion, with earnings per diluted share expected to be between $13.00 and $14.00[6][5] - Forecasted operating income for 2024 is estimated to be between $1.5 billion and $1.6 billion, including production start-up expenses of $85 million to $95 million[6][5] - Volume sold in 2024 is expected to be between 15.6 GW and 16.3 GW[6][5] Cash and Investments - Year-end net cash balance increased to $1.6 billion from $1.3 billion at the end of the prior quarter, primarily due to operating cash flows[4][5] - The company had cash, cash equivalents, and restricted cash of $1,965,069 at the end of 2023, up from $1,493,462 at the end of 2022[19] - The company plans to invest $1.7 billion to $1.9 billion in capital expenditures in 2024[6][5] Research and Development - Increased research and development investment is aimed at evolving technology and product roadmap, enhancing competitiveness in the solar market[5] - Research and development expenses for the year 2023 totaled $152,307, up from $112,804 in 2022, highlighting a focus on innovation[16] Sales and Bookings - The company achieved net bookings of 28.3 GW in 2023, with 2.3 GW booked since the third quarter earnings call at a base average selling price of 31.8 cents per watt[5] - Net sales for Q4 2023 reached $1,158,553, a 44.7% increase from $801,090 in Q3 2023 and a 15.6% increase from $1,002,391 in Q4 2022[16] Manufacturing and Capacity Expansion - First Solar is expanding manufacturing capacity with new facilities in Louisiana, Alabama, Ohio, and India, contributing to long-term growth strategy[5]