29 Feb '12, 7pm

First Solar's 4Q11 Takeaways: Warranty Woes, And a Radical Idea

Here's a bullet-point summary of FSLR's fiscal 4Q11 and full-year 2011: Revenues: $660.4 million (-34 percent Q/Q, +8 percent Y/Y). The Q/Q loss was blamed primarily on timing of revenue recognition on the systems business and softer module sales. Gross margins: 20.9 percent (was 37.7 percent in 3Q11, 48.7 percent in 4Q10) Net loss: $413.1 million (vs. profits of $196.5 million in 3Q11 and $155.9 million in 4Q10), EPS (-4.78). (Barrons makes the unfortunate but accurate observation that FSLR's 4Q11 losses equal 20 percent of the company's market value .) "Core" cost/watt lowered to $0.71 (including $0.01 for warranty costs), the first stepdown in more year after being stagnant at $0.73. Total cost/W produced inched down a point to $0.73. Conversion efficiency raised to 12.2 percent, up from 11.8 percent. Megawatts (MW) produced dipped 2 percent to 539.7 MW. For full-year f...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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