First Solar Announceds Q4 and FY2023 Results

PVTIME – First Solar, Inc. (Nasdaq: FSLR), a leading American solar technology company and global provider of comprehensive photovoltaic solar solutions, recently announced its fourth quarter and full year financial results.

For the year ended 31 December 2923, First Solar achieved net sales of $3.3 billion, compared with $2.6 billion in the prior year. The increase was primarily due to higher module volumes sold and average selling prices.

And for the fourth quarter, net sales were $1.2 billion, an increase of $0.4 billion sequentially. And that was primarily the result of higher module sales in the period. And net earnings per diluted share were $3.25 and full year net earnings per diluted share were $7.74. While cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities less debt increased to $1.6 billion from $1.3 billion at the end of the previous quarter. The increase was mainly due to cash flow from operating activities, offset by capital expenditure for capacity expansions in Alabama, Ohio, Louisiana and India.

“Few years have been as consequential to our long-term growth strategy as 2023,” said Mark Widmar, CEO of First Solar. “Over the past year, we scaled manufacturing capacity, mobilized at our latest announced facility in Louisiana, produced and shipped a record volume of modules, expanded our contracted backlog to historic levels, increased R&D investment, and continued to evolve our technology and product roadmap.”

In addition, First Solar forecasts 2024 net sales of $4.4 billion to $4.6 billion. Operating income is forecast to be $1.5 billion to $1.6 billion, including manufacturing start-up costs of $85 million to $95 million, factory ramp underutilisation costs of $40 million to $60 million and Section 45X tax credits of $1.0 billion to $1.05 billion. Net income per diluted share is expected to be $13.00 to $14.00. Net cash at the end of 2024 is expected to be in the range of $0.9 billion to $1.2 billion.

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