05.03.24
First Solar, Inc. announced financial results for the first quarter ended March 31, 2024.
Net sales for the first quarter were $794 million, a decrease of $0.4 billion from the prior quarter. The decrease was primarily driven by an expected historical seasonal reduction in volume of modules sold. The company has an expected sales backlog of 78.3 GW.
The company reported first quarter net income per diluted share of $2.20, compared to net income per diluted share of $3.25 in the fourth quarter of 2023.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the first quarter, decreased to $1.4 billion from $1.6 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to manufacturing capacity expansions in Alabama, Louisiana, and Ohio.
“We are pleased with our start to 2024, with good operating performance, selective bookings with a year to date ASP over 31 cents per watt excluding adjusters, and solid financial results,” said Mark Widmar, CEO of First Solar. “Our differentiated technology and balanced business model are enabling us to drive growth, navigate industry volatility and deliver enduring shareholder value.”
Net sales for the first quarter were $794 million, a decrease of $0.4 billion from the prior quarter. The decrease was primarily driven by an expected historical seasonal reduction in volume of modules sold. The company has an expected sales backlog of 78.3 GW.
The company reported first quarter net income per diluted share of $2.20, compared to net income per diluted share of $3.25 in the fourth quarter of 2023.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the first quarter, decreased to $1.4 billion from $1.6 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to manufacturing capacity expansions in Alabama, Louisiana, and Ohio.
“We are pleased with our start to 2024, with good operating performance, selective bookings with a year to date ASP over 31 cents per watt excluding adjusters, and solid financial results,” said Mark Widmar, CEO of First Solar. “Our differentiated technology and balanced business model are enabling us to drive growth, navigate industry volatility and deliver enduring shareholder value.”