PM:ssä noin -10%
First Solar Misses
First Solar (FSLR) reported 1st Quarter March 2023 earnings of $0.40 per share on revenue of $548.3 million. The consensus earnings estimate was $0.99 per share on revenue of $723.0 million. The Earnings Whisper number was $1.11 per share. Revenue grew 49.4% on a year-over-year basis.
The company said it continues to expect 2023 earnings of $7.00 to $8.00 per share on revenue of $3.40 billion to $3.60 billion. The current consensus earnings estimate is $7.22 per share on revenue of $3.52 billion for the year ending December 31, 2023.
First Solar is a leading global provider of comprehensive photovoltaic solar energy solutions which use its advanced module and system technology. The Company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy solutions protect and enhance the environment.
First Solar, Inc. Announces First Quarter 2023 Financial Results
- Net sales of $548 million
- Net income per diluted share of $0.40
- Net cash balance of $2.0 billion
-
YTD net bookings of 12.1 GWDC ; 4.8 GWDC since fourth quarter earnings call at an average selling price of $0.318 per watt
- Expected volume sold backlog of 71.6 GWDC
TEMPE, Ariz.–(BUSINESS WIRE)–First Solar, Inc. (Nasdaq: FSLR) (the “Company”) today announced financial results for the first quarter ended March 31, 2023.
Net sales for the first quarter were $548 million, a decrease of $454 million from the prior quarter. The decrease was primarily driven by a decrease in the volume of modules sold to third parties.
The Company reported first quarter net income per diluted share of $0.40, compared to a net loss per diluted share of $0.07 in the fourth quarter of 2022.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the first quarter decreased to $2.0 billion from $2.4 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to expansions in Alabama, India, and Ohio, partially offset by a drawdown on our India credit facility and advance payments received for future module sales.
“We entered 2023 in a significantly stronger commercial, operational, and financial position than the previous year, setting the stage for growth and improved profitability in 2023 and beyond,” said Mark Widmar, CEO of First Solar. “The first quarter of the year reflects this direction as we commissioned our latest factory in the United States and started production of our next generation Series 7 modules, progressed our technology roadmap with a new cell efficiency record, and continued our strong bookings and ASP momentum.”
2023 guidance remains unchanged. The complete 2023 guidance is as follows:
|
Prior |
Current |
| Net Sales |
$3.4B to $3.6B |
Unchanged |
| Gross Margin (1) |
$1.2B to $1.3B |
Unchanged |
| Operating Expenses (2) |
$415M to $440M |
Unchanged |
| Operating Income (3) |
$745M to $870M |
Unchanged |
| Earnings per Diluted Share |
$7.00 to $8.00 |
Unchanged |
| Net Cash Balance (4) |
$1.2B to $1.5B |
Unchanged |
| Capital Expenditures |
$1.9B to $2.1B |
Unchanged |
| Volume Sold |
11.8GW to 12.3GW |
Unchanged |
——————————
| (1) |
|
Includes $110 million to $130 million of ramp and underutilization costs and $660 million to $710 million of Section 45X tax benefits |
| (2) |
|
Includes $85 million to $90 million of production start-up expense |
| (3) |
|
Includes $195 million to $220 million of production start-up expense and ramp and underutilization costs, and $660 million to $710 million of Section 45X tax benefits |
| (4) |
|
Defined as cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less expected debt at the end of 2023 |
The guidance figures presented above are forward-looking statements that are subject to a variety of assumptions and estimates, including with respect to certain factors related to the Inflation Reduction Act of 2022 (the “IRA”). Among other things, such factors include (i) the total advanced manufacturing production credit available to us under Section 45X of the Internal Revenue Code and (ii) the timing and ability to monetize such credit. Investors are encouraged to listen to the conference call and to review the accompanying materials, which contain more information about First Solar’s first quarter 2023 financial results, 2023 guidance, and financial outlook.
FSLR
