First Solar, Inc. (FSLR - Free Report) reported a fourth-quarter 2022 loss of 7 cents per share, narrower than the Zacks Consensus Estimate of a loss of 18 cents. However, the bottom line declined significantly from the prior-year quarter’s earnings of $1.23 per share.
For 2022, the company reported a loss of 41 cents per share against earnings of $4.38 in 2021.
Sales Update
First Solar’s fourth-quarter net sales were $1,002.4 million, which surpassed the Zacks Consensus Estimate of $997 million by 0.5%. Also, the top line improved by 10.5% from the year-ago quarter’s $628.9 million, primarily due to increased module sales and the sale of the Luz del Norte project in Chile.
For 2022, the company reported net sales of $2.62 billion compared with the year-ago net sales of $2.92 billion. However, net sales beat the Zacks Consensus Estimate of $2.61 billion by 0.4%.
Operational Highlights
In the fourth quarter, the gross profit totaled $60.6 million, which declined 75.8% from $246.5 million in the year-ago quarter.
Total operating expenses increased 45.6% to $106.8 million due to higher research and development costs and production startup costs.
The company reported an operating loss of $45.9 million against the operating income of $173.2 million in the year-ago quarter.
Financial Performance
First Solar had $1,481.3 million of cash and cash equivalents as of Dec 31, 2022, up from $1,450.7 million as of Dec 31, 2021.
The long-term debt totaled $184.3 million as of Dec 31, 2022 compared with $236 million as of Dec 31, 2021.
2023 Guidance
First Solar initiated its 2023 earnings guidance. FSLR expects earnings in the range of $7.00-$8.00 per share on sales of the $3.4-3.6 billion range in 2023.
The Zacks Consensus Estimate for 2023 earnings is pegged at $4.75 per share. The Zacks Consensus Estimate for 2023 sales stands at $3.31 billion, lower than the midpoint of the guided range.
The company now expects a gross profit in the range of $1.2-$1.3 billion. The operating income is now anticipated in the band of $745-$870 million.
Meanwhile, First Solar now expects shipments in the band of 11.8-12.3 gigawatts in 2023.
Zacks Rank
First Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from the 73 cents reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by the strong demand for its Enphase Energy Systems.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported fourth-quarter adjusted earnings of $2.86 per share, which surpassed the Zacks Consensus Estimate of $1.60 by 78.8%. The bottom line increased 160% from the prior-year quarter’s $1.10 per share.
SolarEdge’s fourth-quarter revenues of $890.7 million surpassed the Zacks Consensus Estimate of $875 million by 1.8%. The top line surged 61.4% from the year-ago quarter’s $551.9 million.
SunPower Corporation (SPWR - Free Report) reported fourth-quarter 2022 adjusted earnings of 15 cents per share. The bottom line marked an improvement from the year-ago quarter’s earnings of 2 cents. The Zacks Consensus Estimate for fourth-quarter earnings was pegged at 9 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $492.4 million, while its GAAP revenues were $497.3 million. Revenues marginally missed the Zacks Consensus Estimate of $493 million by 0.4%. However, the adjusted top line improved by 47.8% from the year-ago quarter’s $347.5 million.
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First Solar, Inc. (FSLR - Free Report) reported a fourth-quarter 2022 loss of 7 cents per share, narrower than the Zacks Consensus Estimate of a loss of 18 cents. However, the bottom line declined significantly from the prior-year quarter’s earnings of $1.23 per share.
For 2022, the company reported a loss of 41 cents per share against earnings of $4.38 in 2021.
Sales Update
First Solar’s fourth-quarter net sales were $1,002.4 million, which surpassed the Zacks Consensus Estimate of $997 million by 0.5%. Also, the top line improved by 10.5% from the year-ago quarter’s $628.9 million, primarily due to increased module sales and the sale of the Luz del Norte project in Chile.
For 2022, the company reported net sales of $2.62 billion compared with the year-ago net sales of $2.92 billion. However, net sales beat the Zacks Consensus Estimate of $2.61 billion by 0.4%.
Operational Highlights
In the fourth quarter, the gross profit totaled $60.6 million, which declined 75.8% from $246.5 million in the year-ago quarter.
Total operating expenses increased 45.6% to $106.8 million due to higher research and development costs and production startup costs.
The company reported an operating loss of $45.9 million against the operating income of $173.2 million in the year-ago quarter.
Financial Performance
First Solar had $1,481.3 million of cash and cash equivalents as of Dec 31, 2022, up from $1,450.7 million as of Dec 31, 2021.
The long-term debt totaled $184.3 million as of Dec 31, 2022 compared with $236 million as of Dec 31, 2021.
2023 Guidance
First Solar initiated its 2023 earnings guidance. FSLR expects earnings in the range of $7.00-$8.00 per share on sales of the $3.4-3.6 billion range in 2023.
The Zacks Consensus Estimate for 2023 earnings is pegged at $4.75 per share. The Zacks Consensus Estimate for 2023 sales stands at $3.31 billion, lower than the midpoint of the guided range.
The company now expects a gross profit in the range of $1.2-$1.3 billion. The operating income is now anticipated in the band of $745-$870 million.
Meanwhile, First Solar now expects shipments in the band of 11.8-12.3 gigawatts in 2023.
Zacks Rank
First Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from the 73 cents reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by the strong demand for its Enphase Energy Systems.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported fourth-quarter adjusted earnings of $2.86 per share, which surpassed the Zacks Consensus Estimate of $1.60 by 78.8%. The bottom line increased 160% from the prior-year quarter’s $1.10 per share.
SolarEdge’s fourth-quarter revenues of $890.7 million surpassed the Zacks Consensus Estimate of $875 million by 1.8%. The top line surged 61.4% from the year-ago quarter’s $551.9 million.
SunPower Corporation (SPWR - Free Report) reported fourth-quarter 2022 adjusted earnings of 15 cents per share. The bottom line marked an improvement from the year-ago quarter’s earnings of 2 cents. The Zacks Consensus Estimate for fourth-quarter earnings was pegged at 9 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $492.4 million, while its GAAP revenues were $497.3 million. Revenues marginally missed the Zacks Consensus Estimate of $493 million by 0.4%. However, the adjusted top line improved by 47.8% from the year-ago quarter’s $347.5 million.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
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