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Jun 30, 2023
First Solar Q2 2023 Earnings Report
First Solar reported strong Q2 2023 results, driven by increased module sales and ASP.
Key Takeaways
First Solar announced strong financial results for the second quarter of 2023, with net sales of $811 million and net income per diluted share of $1.59. The company's net cash balance stands at $1.5 billion, and it has secured 21.1 GW in net bookings year-to-date.
Net sales reached $811 million.
Net income per diluted share was $1.59.
Net cash balance totaled $1.5 billion.
YTD net bookings amounted to 21.1 GW, with 8.9 GW since the last earnings call.
Forward Guidance
First Solar provides updated guidance for 2023, maintaining net sales and gross margin expectations while adjusting operating expenses and net cash balance estimates.
Positive Outlook
- Net Sales: $3.4B to $3.6B (Unchanged)
- Gross Margin: $1.2B to $1.3B (Unchanged)
- Operating Income: $745M to $870M (Unchanged)
- Earnings per Diluted Share: $7.00 to $8.00 (Unchanged)
- Volume Sold: 11.8GW to 12.3GW (Unchanged)
Challenges Ahead
- Operating Expenses: $450M to $475M (Previous: $415M to $440M)
- Capital Expenditures: $1.7B to $1.9B (Previous: $1.9B to $2.1B)
- Net Cash Balance: $1.5B to $1.8B (Previous: $1.2B to $1.5B)
- 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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