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First Solar (FSLR) Q3 Earnings Beat Estimates, Sales Rise Y/Y
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First Solar, Inc. (FSLR - Free Report) reported third-quarter 2023 earnings of $2.50 per share compared to the prior-year quarter’s loss of 46 cents per share. Earnings beat the Zacks Consensus Estimate of $2.09 per share by 19.6%.
Sales Update
First Solar’s third-quarter net sales were $801.1 million, which lagged the Zacks Consensus Estimate of $901 million by 11.1%. However, the top line improved by 27.4% from the year-ago quarter’s $628.9 million.
First Solar, Inc. Price, Consensus and EPS Surprise
In the third quarter, the gross profit totaled $376.2 million, which improved massively from $20.9 million in the year-ago quarter.
Total operating expenses increased 8.5% to $103.4 million due to higher research and development costs and SG&A expenses.
FSLR reported an operating income of $272.9 million compared to the operating loss of $61.7 million in the year-ago quarter.
Financial Performance
First Solar had $1,492.9 million in cash and cash equivalents as of Sep 30, 2023, up from $1,481.3 million as of Dec 31, 2022.
The long-term debt totaled $464 million as of Sep 30, 2023, compared with $184.3 million as of Dec 31, 2022.
2023 Guidance
First Solar updated its 2023 earnings guidance. FSLR now expects earnings in the range of $7.20-$8, up from the prior guidance in the band of $7-$8 per share. The Zacks Consensus Estimate for 2023 earnings, pegged at $7.68 per share, is higher than the midpoint of the company’s guidance range.
First Solar expects sales in the range of $3.4-3.6 billion in 2023. The Zacks Consensus Estimate for 2023 sales stands at $3.50 billion, in line with the midpoint of the guided range.
First Solar expects 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 expects shipments in the band of 11.8-12.3 gigawatts in 2023.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. The top line also declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
JinkoSolar Holding Co. Ltd.’s (JKS - Free Report) reported third-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.59, beating the Zacks Consensus Estimate of $1.96 by 32.1%. The company reported earnings per ADS of 59 cents in the year-ago quarter.
In the quarter under review, JinkoSolar’s total revenues of $4,363.2 million surpassed the Zacks Consensus Estimate of $4,224 million by 3.3%. The top line surged 63.1% on a year-over-year basis, driven by an increase in solar module shipments.
An Upcoming Solar Release
SolarEdge Technologies (SEDG - Free Report) : The Zacks Consensus Estimate for SolarEdge’s third-quarter sales implies an improvement of 13.9% from the prior-year reported figure.
SEDG delivered an earnings surprise of 2.75% in the last reported quarter. Estimates for its third-quarter earnings, pegged at 70 cents per share, indicate a decline of 23.1% from the year-ago quarter’s tally.
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First Solar (FSLR) Q3 Earnings Beat Estimates, Sales Rise Y/Y
First Solar, Inc. (FSLR - Free Report) reported third-quarter 2023 earnings of $2.50 per share compared to the prior-year quarter’s loss of 46 cents per share. Earnings beat the Zacks Consensus Estimate of $2.09 per share by 19.6%.
Sales Update
First Solar’s third-quarter net sales were $801.1 million, which lagged the Zacks Consensus Estimate of $901 million by 11.1%. However, the top line improved by 27.4% from the year-ago quarter’s $628.9 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 third quarter, the gross profit totaled $376.2 million, which improved massively from $20.9 million in the year-ago quarter.
Total operating expenses increased 8.5% to $103.4 million due to higher research and development costs and SG&A expenses.
FSLR reported an operating income of $272.9 million compared to the operating loss of $61.7 million in the year-ago quarter.
Financial Performance
First Solar had $1,492.9 million in cash and cash equivalents as of Sep 30, 2023, up from $1,481.3 million as of Dec 31, 2022.
The long-term debt totaled $464 million as of Sep 30, 2023, compared with $184.3 million as of Dec 31, 2022.
2023 Guidance
First Solar updated its 2023 earnings guidance. FSLR now expects earnings in the range of $7.20-$8, up from the prior guidance in the band of $7-$8 per share. The Zacks Consensus Estimate for 2023 earnings, pegged at $7.68 per share, is higher than the midpoint of the company’s guidance range.
First Solar expects sales in the range of $3.4-3.6 billion in 2023. The Zacks Consensus Estimate for 2023 sales stands at $3.50 billion, in line with the midpoint of the guided range.
First Solar expects 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 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 third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. The top line also declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
JinkoSolar Holding Co. Ltd.’s (JKS - Free Report) reported third-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.59, beating the Zacks Consensus Estimate of $1.96 by 32.1%. The company reported earnings per ADS of 59 cents in the year-ago quarter.
In the quarter under review, JinkoSolar’s total revenues of $4,363.2 million surpassed the Zacks Consensus Estimate of $4,224 million by 3.3%. The top line surged 63.1% on a year-over-year basis, driven by an increase in solar module shipments.
An Upcoming Solar Release
SolarEdge Technologies (SEDG - Free Report) : The Zacks Consensus Estimate for SolarEdge’s third-quarter sales implies an improvement of 13.9% from the prior-year reported figure.
SEDG delivered an earnings surprise of 2.75% in the last reported quarter. Estimates for its third-quarter earnings, pegged at 70 cents per share, indicate a decline of 23.1% from the year-ago quarter’s tally.