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Sep 30, 2023
First Solar Q3 2023 Earnings Report
First Solar's Q3 2023 financial performance was marked by net sales of $801 million and net income per diluted share of $2.50.
Key Takeaways
First Solar reported net sales of $801 million and net income per diluted share of $2.50 for the third quarter of 2023. The company maintains its full-year 2023 revenue guidance and raised the mid-point of EPS guidance from $7.50 to $7.60. The company's net cash balance was $1.3 billion.
Net sales for the third quarter were $801 million.
Net income per diluted share was $2.50.
Net cash balance was $1.3 billion.
YTD net bookings of 27.8 GW; 6.8 GW since second quarter earnings call with an average selling price of $0.30 per watt, excluding India.
Forward Guidance
First Solar updated its 2023 guidance, maintaining net sales and gross margin expectations, while adjusting operating expenses and operating income. Earnings per diluted share are expected to be between $7.20 and $8.00.
Positive Outlook
- Net Sales: $3.4B to $3.6B (Unchanged)
- Gross Margin: $1.2B to $1.3B (Unchanged) - Includes $110 million to $120 million of ramp and underutilization costs and $670 million to $700 million of Section 45X tax benefits
- Operating Income: $770M to $870M
- Earnings per Diluted Share: $7.20 to $8.00
- Net Cash Balance: $1.5B to $1.8B (Unchanged)
Challenges Ahead
- Operating Expenses: $440M to $470M - Includes $75 million to $85 million of production start-up expense and $36 million of litigation losses
- Includes $185 million to $205 million of production start-up expense and ramp and underutilization costs, $36 million of litigation losses, and $670 million to $700 million of Section 45X tax benefits
- Capital Expenditures: $1.7B to $1.9B (Unchanged)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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