Press release
First Solar, Inc. Announces First Quarter 2024 Financial Results
Net sales of $794 million Net income per diluted share of $2.20 Net cash balance of $1.4 billion Maintain full-year 2024 P&L guidance YTD net bookings of 2.7
About this update from First Solar, Inc.
[{"type":"text","content":"\n\nNet sales of $794 million\n\n\n\nNet income per diluted share of $2.20\n\n\n\nNet cash balance of $1.4 billion\n\n\n\nMaintain full-year 2024 P&L guidance\n\n\n\nYTD net bookings of 2.7 GW with an average selling price (“ASP”) of 31.3 cents per watt, excluding adjusters\n\n\n\nExpected sales backlog of 78.3 GW\n\n\n\n TEMPE, Ariz.--(BUSINESS WIRE)--\nFirst Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the first quarter ended March 31, 2024.\n\n\nNet sales for the first quarter were $794 million, a decrease of $0.4 billion from the prior quarter. The decrease was primarily driven by an expected historical seasonal reduction in volume of modules sold.\n\n\nThe Company reported first quarter net income per diluted share of $2.20, compared to net income per diluted share of $3.25 in the fourth quarter of 2023.\n\n\nCash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the first quarter, decreased to $1.4 billion from $1.6 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to manufacturing capacity expansions in Alabama, Louisiana, and Ohio.\n\n\n“We are pleased with our start to 2024, with good operating performance, selective bookings with a year to date ASP over 31 cents per watt excluding adjusters, and solid financial results,” said Mark Widmar, CEO of First Solar. “Our differentiated technology and balanced business model are enabling us to drive growth, navigate industry volatility and deliver enduring shareholder value.”\n\n\nOur 2024 guidance has been updated as follows:\n\n\n\n\n \n\n\n\n\n\n\nPrior\n\n\n\n\n\n\nCurrent\n\n\n\n\n\n\n\n\nNet Sales (1)\n\n\n\n\n\n\n$4.4B to $4.6B\n\n\n\n\n\n\nUnchanged\n\n\n\n\n\n\n\n\nGross Margin (1) (2)\n\n\n\n\n\n\n$2.0B to $2.1B\n\n\n\n\n\n\nUnchanged\n\n\n\n\n\n\n\n\nOperating Expenses (1) (3)\n\n\n\n\n\n\n$455M to $485M\n\n\n\n\n\n\nUnchanged\n\n\n\n\n\n\n\n\nOperating Income (1) (4)\n\n\n\n\n\n\n$1.5B to $1.6B\n\n\n\n\n\n\nUnchanged\n\n\n\n\n\n\n\n\nEarnings per Diluted Share (1)\n\n\n\n\n\n\n$13.00 to $14.00\n\n\n\n\n\n\nUnchanged\n\n\n\n\n\n\n\n\nNet Cash Balance (5)\n\n\n\n\n\n\n$0.9B to $1.2B\n\n\n\n\n\n\n$600M to $900M\n\n\n\n\n\n\n\n\nCapital Expenditures\n\n\n\n\n\n\n$1.7B to $1.9B\n\n\n\n\n\n\n$1.8B to $2.0B\n\n\n\n...