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Mar 31, 2024
First Solar Q1 2024 Earnings Report
First Solar's Q1 2024 performance was marked by net sales of $794 million and net income per diluted share of $2.20.
Key Takeaways
First Solar reported net sales of $794 million and net income per diluted share of $2.20 for the first quarter of 2024. The company maintains its full-year 2024 P&L guidance and has a net cash balance of $1.4 billion.
Net sales reached $794 million.
Net income per diluted share was $2.20.
Net cash balance stood at $1.4 billion.
Full-year 2024 P&L guidance was maintained.
First Solar
First Solar
Forward Guidance
First Solar maintained its full-year 2024 guidance, with net sales expected to range from $4.4 billion to $4.6 billion and earnings per diluted share projected between $13.00 and $14.00.
Positive Outlook
- Net Sales: $4.4B to $4.6B
- Gross Margin: $2.0B to $2.1B
- Operating Expenses: $455M to $485M
- Operating Income: $1.5B to $1.6B
- Earnings per Diluted Share: $13.00 to $14.00
Challenges Ahead
- Net Cash Balance: $0.6B to $0.9B
- Capital Expenditures: $1.8B to $2.0B
- Volume Sold: 15.6GW to 16.3GW
- Net sales and cost of sales profile, excluding the advanced manufacturing production credit, to be approximately 35-40% in the first half of the year and 60-65% in the second half of the year.
- Section 45X tax credits of approximately $400 million in the first half of the year and $620 million in the second half of the year.