Common-Size Income Statement
Quarterly Data
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- Income Statement
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Total Asset Turnover since 2006
- Price to Earnings (P/E) since 2006
- Price to Sales (P/S) since 2006
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First Solar Inc., common-size consolidated income statement (quarterly data)
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).
- Gross Profit Margin
- The gross profit margin experienced notable fluctuations over the analyzed periods. Starting at a minimal 0.02% in March 2019, it rose substantially to peak levels above 30% during late 2020 and maintained strong margins above 20% in most quarters thereafter. A significant decline occurred in early 2022, dropping to a low near -3.74%, before rebounding sharply to levels exceeding 40% by late 2023 and early 2024, reaching over 50%. This indicates varying cost control and pricing efficiency challenges, with strong recovery and improvement in recent periods.
- Cost of Sales
- Cost of sales as a percentage of net sales demonstrated an inverse pattern to gross margin trends. It decreased significantly from near 100% in early 2019 to lows in the range of 50-60% by late 2023 and early 2024, reflecting improved cost management or operational efficiencies. However, cost ratios spiked substantially in early 2022, aligning with the drop in gross profit margin during that period.
- Operating Expenses
- Operating expenses, including selling, general and administrative (SG&A), research and development (R&D), and production start-up costs, showed variability but generally trended downward in recent periods. SG&A fluctuated mostly between 4% and 10%, with improvement seen after dips in 2020 and early 2022. R&D expenses remained relatively stable, mostly between 3% and 5.5%, with occasional spikes in early 2022. Production start-up costs declined generally over time, with some spikes in mid-2022 and late 2024. Litigation losses were infrequent but notably impacted 2019 and some 2023 periods, adding to expenses.
- Operating Income
- Operating income as a percentage of net sales showed a recovery trend after initial volatility. From negative results in several early 2019 and 2022 quarters, the company attained consistent positive operating income from mid-2020 onward, with peaks above 30% in several quarters of 2021 and 2023. This improvement mirrors the enhanced gross profitability and controlled operating expenses.
- Other Income and Expenses
- Interest income declined from over 2% in early 2019 to lower levels around 0.2-0.5% during 2020 and early 2021 but rebounded significantly to over 4% by early 2023, contributing positively to income. Net interest expense remained low throughout, mostly under 1%, helping to sustain net profitability. Foreign currency losses were consistently negative but represented a small portion of net sales, generally under 1%. Other miscellaneous income and losses showed irregular swings with no clear trend.
- Income Before Taxes and Net Income
- Income before taxes and equity participation closely tracked operating income trends, reflecting strong profitability gains after mid-2020, with peaks exceeding 30%. Income tax effects were volatile, at times providing benefits (notably early 2020 and late 2019) and other times increasing expense burdens, complicating clear trend interpretation. Net income showed significant volatility in early periods but stabilized and improved markedly from mid-2020 onward, reaching consistent double-digit positive margins over 20% from 2021 through 2024, peaking near 35% in early 2024.
- Summary Insights
- The data reveals a company that experienced significant financial performance variability across the analyzed quarters, including periods of negative profitability and elevated costs, particularly around early 2022 and portions of 2019. However, a strong recovery and sustained improvement in gross margins, operating efficiency, and net income emerged from mid-2020 onward. The trend toward lower cost of sales ratios and controlled operating expenses contributed to improved operating income and net profitability, supported by favorable interest income developments. Volatility related to litigation and tax impacts created some earnings fluctuations but did not obscure the general trajectory of enhanced profitability and margin expansion in the most recent quarters.