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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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