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Mar 31, 2023
First Solar Q1 2023 Earnings Report
First Solar reported positive Q1 2023 results, marked by net income per diluted share of $0.40 and net sales of $548 million.
Key Takeaways
First Solar announced its Q1 2023 financial results, with net sales of $548 million and net income per diluted share of $0.40. The company's net cash balance stands at $2.0 billion, and it has secured year-to-date net bookings of 12.1 GWDC, including 4.8 GWDC since the fourth quarter earnings call at an average selling price of $0.318 per watt.
Net sales for Q1 2023 were $548 million.
Net income per diluted share was $0.40.
Net cash balance reached $2.0 billion.
YTD net bookings totaled 12.1 GWDC, with 4.8 GWDC since the last earnings call.
First Solar
First Solar
Forward Guidance
First Solar's 2023 guidance remains unchanged, with net sales expected to be between $3.4B and $3.6B and earnings per diluted share projected to be between $7.00 and $8.00.
Positive Outlook
- Net Sales: $3.4B to $3.6B (Unchanged)
- Gross Margin: $1.2B to $1.3B (Unchanged)
- Operating Expenses: $415M to $440M (Unchanged)
- Operating Income: $745M to $870M (Unchanged)
- Earnings per Diluted Share: $7.00 to $8.00 (Unchanged)
Challenges Ahead
- Net Cash Balance: $1.2B to $1.5B (Unchanged)
- Capital Expenditures: $1.9B to $2.1B (Unchanged)
- Volume Sold: 11.8GW to 12.3GW (Unchanged)
- Includes $110 million to $130 million of ramp and underutilization costs and $660 million to $710 million of Section 45X tax benefits
- Includes $85 million to $90 million of production start-up expense