First Solar reported increasing net income in 2020

First Solar, Inc. announced financial results for the fourth quarter and year ended December 31, 2020. Net sales for the fourth quarter were $0.6 billion, a decrease of $0.3 billion from the prior quarter, and a significant drop compared to $1.39 billion in Q4 2019. The company reported fourth quarter net income of $115 million compared to $155 million in Q3 2020 and loss of $59 million in Q4 2019.
Regarding the full year 2020, First Solar achieved net sales of $2.7 billion compared to $3.0 billion in 2019. Net income was $398 million compared to net loss of $114 million in the year before. The company sold modules with a capacity of 5.5 GW.
Forecasted net sales for 2021 are $2.85 billion to $3.0 billion, which includes $2.45 billion to $2.55 billion of module segment net sales. The company targets to sell 7.8 to 8.0 Gigawatt.
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