U.S.-based solar modules manufacturer First Solar recorded a net income of $131.37 million in the fourth quarter (Q4) of 2021, representing a quarter-over-quarter (QoQ) growth of 190% compared to the $45.2 million registered in the previous quarter. The company recorded a 12% year-on-year (YoY) increase from $115 million in Q4 2020.

The firm’s net sales in Q4 2021 stood at $907.31 million, 55% up from $583.5 million in Q3 2021. In a YoY comparison, net sales were up 49% from $609.23 million in Q4 2020.

First solar recorded a gross profit of $246.48 million in Q4 2021, representing a QoQ growth of 98% compared to the $124.58 million registered in the previous quarter.

2021 Full Year Results

The firm recorded a net income of $468.69 million in the financial year (FY) 2021, representing a year-over-year (YoY) growth of 17% compared to the $398.35 million registered in the previous year.

First Solar’s net sales in FY 2021 stood at $2.92 billion, representing a YoY growth of 7% compared to the $2.71 million registered in FY 2020.

The company recorded a gross profit of $729.95 million in FY 2021, representing a YoY growth of 7% compared to the $680.67 million registered in the previous year.

Module business

The company manufactured 7.9 GW of solar modules in 2021 and had a total manufacturing capacity of 8.4 GW. The company also recorded 17.5 GW of net bookings in the year and set up their sixth series 6 factory. It has announced plans to manufacture next-generation series 7 modules in India and Ohio.

In June, First Solar had announced that it would invest $684 million to set up a 3.3. GW vertically-integrated thin-film solar module manufacturing facility in India. The U.S. International Development Finance Corporation had approved $500 million of debt financing to First Solar to set up a 3.3 GW vertically integrated solar module manufacturing facility in Tamil Nadu, India. The company also commenced the construction of a 3.3 GW module manufacturing facility in Ohio.

Divestments

First Solar completed the sale of U.S. project development and North American operations and maintenance (O&M) business. The company also is in advanced stage discussions to sell its project development and O&M platform in Japan.