Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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First Solar Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analysis of the quarterly financial data reveals several noteworthy trends and fluctuations across different financial metrics.
- Net Sales
- Net sales exhibit cyclical fluctuations with an overall increasing trend from 2019 through 2024. Notable peaks occur in quarters ending December 2019, September 2020, December 2021, December 2023, and June 2024. There is a significant jump in sales in late 2023 and early 2024 compared to earlier periods, indicating growth momentum.
- Cost of Sales
- Cost of sales generally follows the pattern of net sales, with consistent increases during peak sales quarters. The cost structure appears relatively stable proportionally, though certain quarters show sharper increases potentially reflecting changes in production or raw material costs.
- Gross Profit (Loss)
- Gross profit trends upward overall with some volatility. The early 2019 period starts with minimal gross profit which substantially improves especially from mid-2019 onward. Periods such as September 2023 demonstrate very strong gross profit, reflecting improved operational efficiency or sales mix. However, some quarters like mid-2022 show negative or low gross profit, suggesting cost management challenges.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses generally increase with some fluctuations, though they remain relatively controlled compared to gross profit growth. Periods with exceptionally high operating income align with controlled or reduced SG&A costs, indicating effective expense management during growth phases.
- Research and Development (R&D)
- R&D expenses remain fairly consistent with a gradual upward trend, reflecting ongoing investment in innovation. The increase is particularly marked from 2022 onward, indicating heightened commitment to development activities despite market fluctuations.
- Production Start-up Costs
- Production start-up costs vary widely, with notable spikes in late 2022 and mid-2024. These fluctuations suggest intermittent investments in new production capabilities or capacity expansions, potentially linked to strategic growth initiatives.
- Litigation Losses
- Litigation losses are infrequent but significant when they occur, such as the large loss recorded in December 2019. These events are outliers and have a material impact on specific quarter results, highlighting non-recurring risks.
- Operating Expenses and Operating Income
- Operating expenses, which encompass SG&A, R&D, and start-up costs, follow seasonal patterns with spikes correlating to strategic investments or loss events. Operating income demonstrates a clear improvement trajectory post-2019 lows, with robust positive income from 2020 through 2024. The company manages to convert increased sales into substantially higher operating profits over time.
- Foreign Currency Income (Loss), Net
- Foreign currency items consistently show losses or minor gains, with no clear improving trend, indicating exposure to currency risks that slightly depress net results.
- Interest Income and Expense
- Interest income trends upward steadily, reflecting improved cash or investment returns. Interest expense is variable but remains substantially lower than interest income, supporting positive net financing results.
- Other Income (Expense), Net
- Other income and expenses exhibit volatility with periods of both income and expense. Noteworthy gains occur at the end of 2022, while substantial losses appear during late 2023, indicating non-operational income fluctuations affecting overall profitability.
- Income Before Taxes and Equity in Earnings (Losses)
- This metric mirrors operating income trends with increasing profitability in recent years. The upward trend supports stronger financial performance and operational efficiency gains.
- Income Tax Expense (Benefit)
- Income tax expense shows variability linked to income before taxes, with some quarters reflecting tax benefits likely due to losses or tax credits. Tax charges increase correspondingly in profitable periods, consistent with higher earnings.
- Equity in Earnings (Losses), Net of Tax
- Equity earnings are sporadic and mostly minor, with no consistent trend evident. The impacts on net income are minimal across most quarters.
- Net Income (Loss)
- Net income shows substantial growth from losses in 2019 to strong profitability in subsequent years. The progression reflects improved operational results, cost management, and favorable tax effects. Despite occasional quarterly setbacks, the trend toward higher net profitability is clear and sustained through mid-2024.