Press release
First Solar, Inc. Announces Second Quarter 2023 Financial Results
Net sales of $811 million Net income per diluted share of $1.59 Net cash balance of $1.5 billion YTD net bookings of 21.1 GW; 8.9 GW since first quarter
About this update from First Solar, Inc.
[{"type":"text","content":"\n\nNet sales of $811 million\n\n\n\nNet income per diluted share of $1.59\n\n\n\nNet cash balance of $1.5 billion\n\n\n\nYTD net bookings of 21.1 GW; 8.9 GW since first quarter earnings call\n\n\n\nExpected volume sold backlog of 77.8 GW\n\n\n\nUp to $1.1 billion investment in a new 3.5 GW Series 7 US manufacturing facility\n\n\n\n TEMPE, Ariz.--(BUSINESS WIRE)--\nFirst Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the second quarter ended June 30, 2023.\n\n\nNet sales for the second quarter were $811 million, an increase of $262 million from the prior quarter. The increase was primarily driven by an increase in the volume of modules sold, including the commencement of sales of the Company’s next-generation Series 7 modules, and an increase in the average selling price (“ASP”) of our modules.\n\n\nThe Company reported second quarter net income per diluted share of $1.59, compared to net income per diluted share of $0.40 in the first quarter of 2023.\n\n\nCash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the second quarter, decreased to $1.5 billion from $2.0 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to manufacturing capacity expansions in Alabama, India, and Ohio, as well as our acquisition of Evolar.\n\n\n“With half of 2023 behind us, we continue to see strengthened commercial, operational, and financial foundations, both in 2023 and in the coming years as we continue to grow,” said Mark Widmar, CEO of First Solar. “The second quarter of the year continued the steady progress established in the first, as we ramped up production and delivery of our next-generation Series 7 modules, reinforced our global leadership in thin film PV with a strategic acquisition, and continued our strong bookings and ASP momentum. Moreover, continuing our commitment to sustainable long-term growth, earlier today we announced that we will invest up to $1.1 billion in building a new, fully vertically integrated, manufacturing facility in the United States, our fifth in the country.”\n\n\nOur 2023 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\n\n\n\n\n\n\n$3.4B to $3.6B\n\n\n\n\n\n\nUnchanged\n\n\n\n\n\n\n\n\nGro...