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Dec 31, 2023
First Solar Q4 2023 Earnings Report
Reported a net sales increase driven by higher module volumes and average selling prices.
Key Takeaways
First Solar announced strong Q4 2023 results, with net sales of $1.2 billion and net income per diluted share of $3.25. The company's year-end net cash balance reached $1.6 billion.
Net sales for Q4 2023 reached $1.2 billion.
Net income per diluted share for Q4 2023 was $3.25.
Year-end net cash balance for 2023 was $1.6 billion.
Net bookings of 2.3 GW since the third quarter earnings call.
Forward Guidance
First Solar projects net sales between $4.4 billion and $4.6 billion, and EPS between $13.00 and $14.00 for 2024.
Positive Outlook
- Net Sales: $4.4B to $4.6B
- Gross Margin: $2.0B to $2.1B (includes $40 million to $60 million of ramp costs and $1.0 billion to $1.05 billion of Section 45X tax credits)
- Operating Income: $1.5B to $1.6B (includes $125 million to $155 million of production start-up expense and ramp costs, and $1.0 billion to $1.05 billion of Section 45X tax credits)
- Earnings per Diluted Share: $13.00 to $14.00
- Net Cash Balance: $0.9B to $1.2B
Challenges Ahead
- Operating Expenses: $455M to $485M (includes $85 million to $95 million of production start-up expense)
- Includes $40 million to $60 million of ramp costs
- Includes $85 million to $95 million of production start-up expense
- Capital Expenditures: $1.7B to $1.9B
Historical Earnings Impact
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Avg. Return Before/After Earnings
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