We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
First Solar (FSLR) Q1 Earnings Miss Estimates, Sales Rise Y/Y
Read MoreHide Full Article
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
Sales Update
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
First Solar, Inc. Price, Consensus and EPS Surprise
In the first quarter, the gross profit totaled $112.1 million, which improved massively by 877.5% from $11.5 million in the year-ago quarter.
Total operating expenses increased 32.1% to $94 million due to higher research and development costs, SG&A expenses and production startup costs.
The company reported an operating income of $18 million against an operating loss of $57.8 million in the year-ago quarter.
Financial Performance
First Solar had $906.6 million of cash and cash equivalents as of Mar 31, 2023, down from $1,481.3 million as of Dec 31, 2022.
The long-term debt totaled $320.4 million as of Mar 31, 2023 compared with $184.3 million as of Dec 31, 2022.
2023 Guidance
First Solar reaffirmed its 2023 earnings guidance. FSLR expects earnings in the range of $7.00-$8.00 per share on sales in the $3.4-3.6 billion range in 2023.
The Zacks Consensus Estimate for 2023 earnings is pegged at $7.22 per share, lower than the midpoint of the company’s guidance range. The Zacks Consensus Estimate for 2023 sales stands at $3.48 billion, near the midpoint of the guided range.
First Solar 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.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
Upcoming Releases
SolarEdge Technologies (SEDG - Free Report) is slated to release first-quarter 2023 results on May 5. SolarEdge boasts a long-term earnings growth rate of 30.1%.
The Zacks Consensus Estimate for SEDG’s earnings is pegged at $1.95 per share, implying a 62.5% improvement from the year-ago quarter’s reported figure. The same for the company’s sales stands at $929.4 million, indicating a 41.9% increase from that reported in the comparable period of 2022.
SunPower Corporation (SPWR - Free Report) is scheduled to release first-quarter 2023 results on May 5. SunPower has a four-quarter average negative earnings surprise of 9.05%.
The stock boasts a long-term earnings growth rate of 38.7%. The Zacks Consensus Estimate for SunPower’s sales stands at $428.7 million, indicating a 27.6% improvement from the year-ago quarter’s reported number.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
First Solar (FSLR) Q1 Earnings Miss Estimates, Sales Rise Y/Y
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
Sales Update
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
Operational Highlights
In the first quarter, the gross profit totaled $112.1 million, which improved massively by 877.5% from $11.5 million in the year-ago quarter.
Total operating expenses increased 32.1% to $94 million due to higher research and development costs, SG&A expenses and production startup costs.
The company reported an operating income of $18 million against an operating loss of $57.8 million in the year-ago quarter.
Financial Performance
First Solar had $906.6 million of cash and cash equivalents as of Mar 31, 2023, down from $1,481.3 million as of Dec 31, 2022.
The long-term debt totaled $320.4 million as of Mar 31, 2023 compared with $184.3 million as of Dec 31, 2022.
2023 Guidance
First Solar reaffirmed its 2023 earnings guidance. FSLR expects earnings in the range of $7.00-$8.00 per share on sales in the $3.4-3.6 billion range in 2023.
The Zacks Consensus Estimate for 2023 earnings is pegged at $7.22 per share, lower than the midpoint of the company’s guidance range. The Zacks Consensus Estimate for 2023 sales stands at $3.48 billion, near the midpoint of the guided range.
First Solar 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 #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Solar Release
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
Upcoming Releases
SolarEdge Technologies (SEDG - Free Report) is slated to release first-quarter 2023 results on May 5. SolarEdge boasts a long-term earnings growth rate of 30.1%.
The Zacks Consensus Estimate for SEDG’s earnings is pegged at $1.95 per share, implying a 62.5% improvement from the year-ago quarter’s reported figure. The same for the company’s sales stands at $929.4 million, indicating a 41.9% increase from that reported in the comparable period of 2022.
SunPower Corporation (SPWR - Free Report) is scheduled to release first-quarter 2023 results on May 5. SunPower has a four-quarter average negative earnings surprise of 9.05%.
The stock boasts a long-term earnings growth rate of 38.7%. The Zacks Consensus Estimate for SunPower’s sales stands at $428.7 million, indicating a 27.6% improvement from the year-ago quarter’s reported number.