First Solar, Inc. (NASDAQ:FSLR) issued its fourth quarter earnings report after closing bell, greatly missing expectations. However, the company followed it up with a second, more pleasing report about its latest achievement. First Solar reported fourth quarter non-GAAP earnings of 89 cents a share on $768 million in revenue. Analysts had been hoping for earnings of 99 cents per share on $965.4 million in revenue.
Breaking down First Solar’s results
First Solar, Inc. (NASDAQ:FSLR) reported a decline in fourth quarter sales, which fell by $497 million from the previous quarter. The company attributed that decline to lower systems business project revenues. GAAP earnings were 64 cents per share, compared to $1.94 per share in the previous quarter. First Solar also reported that it took charges for restructuring and asset impairment. Those charges added up to $24.9 million and were related to a “change in marketing strategy” in relation to the value of their idle facility in Vietnam.
For the full year, First Solar, Inc. (NASDAQ:FSLR) reported GAAP net income of $3.70 per share, which includes a $86.9 million impact from their restructuring facilities, the sale of their facility in Mesa, Ariz., and the write-down of their facility in Vietnam. Non-GAAP earnings per share for the full year were $4.35.
At the end of the quarter, First Solar, Inc. (NASDAQ:FSLR) had about $1.8 billion in cash and marketable securities, a $232 million increase compared to the end of the previous quarter. Cash flows from operations were $192 million in the fourth quarter and $856 million for the full year.
First Solar highlights milestones, gives guidance
First Solar, Inc. (NASDAQ:FSLR) also provided guidance for 2014, saying it expects net sales of between $800 million and $900 million. It expects earnings per share for the full year to be between 50 cents and 60 cents per share.
The company also highlighted a number of achievements, including its new world record for CdTe cell efficiency, which is now at 20.4%. It also cut the average module manufacturing costs at its best plant by 17%.