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Jun 30, 2024
First Solar Q2 2024 Earnings Report
First Solar reported strong Q2 2024 results, driven by increased module volume and average selling price.
Key Takeaways
First Solar announced Q2 2024 financial results with net sales of $1.0 billion and net income per diluted share of $3.25. The company maintains its full-year 2024 guidance and has a net cash balance of $1.2 billion.
Net sales reached $1.0 billion.
Net income per diluted share was $3.25.
Net cash balance totaled $1.2 billion.
Full-year 2024 guidance remains unchanged.
Forward Guidance
First Solar maintains its full-year 2024 guidance.
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
- Second half earnings cadence perspective, net sales and cost of sales profile, excluding the advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code (“Section 45X tax credit”), to be approximately 40 % in the third quarter and 60% in the fourth quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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