02.28.24
First Solar, Inc. announced financial results for the fourth quarter and year ended Dec. 31, 2023.
Net sales for the fourth quarter were $1.2 billion, an increase of $0.4 billion from the prior quarter. The increase was primarily a result of increased module sales in the fourth quarter.
Net sales for the full year 2023 were $3.3 billion compared to $2.6 billion in the prior year. This increase was driven by higher module volumes sold and average selling prices (“ASPs”).
The company reported fourth quarter net income per diluted share of $3.25 and full year net income per diluted share of $7.74.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $1.6 billion from $1.3 billion at the end of the prior quarter. The increase was primarily a result of operating cash flows, offset by capital expenditures related to manufacturing 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.”
Forecasted net sales for 2024 are $4.4 billion to $4.6 billion. Operating income is forecasted to be $1.5 billion to $1.6 billion, which includes production start-up expense of $85 million to $95 million, underutilization costs associated with factory ramp of $40 million to $60 million, and Section 45X tax credits of $1.0 billion to $1.05 billion. Forecasted net income per diluted share is $13.00 to $14.00. The year-end 2024 net cash balance is projected to be in the range of $0.9 billion to $1.2 billion.
Net sales for the fourth quarter were $1.2 billion, an increase of $0.4 billion from the prior quarter. The increase was primarily a result of increased module sales in the fourth quarter.
Net sales for the full year 2023 were $3.3 billion compared to $2.6 billion in the prior year. This increase was driven by higher module volumes sold and average selling prices (“ASPs”).
The company reported fourth quarter net income per diluted share of $3.25 and full year net income per diluted share of $7.74.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $1.6 billion from $1.3 billion at the end of the prior quarter. The increase was primarily a result of operating cash flows, offset by capital expenditures related to manufacturing 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.”
Forecasted net sales for 2024 are $4.4 billion to $4.6 billion. Operating income is forecasted to be $1.5 billion to $1.6 billion, which includes production start-up expense of $85 million to $95 million, underutilization costs associated with factory ramp of $40 million to $60 million, and Section 45X tax credits of $1.0 billion to $1.05 billion. Forecasted net income per diluted share is $13.00 to $14.00. The year-end 2024 net cash balance is projected to be in the range of $0.9 billion to $1.2 billion.