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First Solar (FSLR) Q1 Earnings Beat Estimates, Sales Rise Y/Y
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First Solar, Inc. (FSLR - Free Report) reported first-quarter 2024 earnings of $2.20 per share, up a massive 450% from the prior-year quarter’s reported earnings of 40 cents per share. The bottom line beat the Zacks Consensus Estimate of $1.90 by 15.8%.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar’s first-quarter net sales were $794.1 million, which surpassed the Zacks Consensus Estimate of $715 million by 11.1%. The top line also improved 44.8% from the year-ago quarter’s $548.3 million.
Operational Highlights
In the first quarter, the company’s gross profit was $346 million, which improved a solid 208.8% from $112.1 million in the year-ago quarter.
Total operating expenses increased 10.6% year over year to $104 million due to higher research and development costs as well as selling, general and administrative expenses.
FSLR reported an operating income of $243.1 million compared with an operating income worth $18 million in the year-ago quarter.
Financial Performance
First Solar had $1.68 billion in cash and cash equivalents as of Mar 31, 2024, down from $1.95 billion as of Dec 31, 2023.
The long-term debt totaled $418.7 million as of Mar 31, 2024 compared with $464.1 million as of Dec 31, 2023.
2024 Guidance
First Solar reiterated the majority of its 2024 guidance. FSLR still expects to generate earnings in the range of $13-$14 per share for 2024. The Zacks Consensus Estimate for FSLR’s 2024 earnings is pegged at $13.57 per share, higher than the midpoint of the company’s guided range.
FSLR continues to project its sales in the range of $4.4-$4.6 billion in 2024. The Zacks Consensus Estimate for the same is pegged at $4.5 billion, which is in line with the midpoint of the company’s guided range.
First Solar still expects gross profit in the band of $2.0-$2.1 billion. Its operating income is anticipated in the $1.5-$1.6 billion range.
Meanwhile, the company still expects module shipments in the band of 15.6-16.3 gigawatts in 2024. First Solar increased its 2024 capital expenditure guidance to the range of $1.8-$2.0 billion from its earlier guided range of $1.7-$1.9 billion.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
ENPH’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
Sunnova Energy (NOVA - Free Report) reported a first-quarter 2024 loss of 57 cents per share, highlighting an improvement from the loss of 70 cents per share reported in the prior-year quarter. The bottom line also came in narrower than the Zacks Consensus Estimate loss of 79 cents per share.
NOVA’s first-quarter revenues of $160.9 million missed the Zacks Consensus Estimate of $198 million. The top line also slipped 0.5% from the prior-year quarter’s reported figure of $161.7 million.
JinkoSolar Holding (JKS - Free Report) reported first-quarter 2024 earnings per American Depositary Share of 74 cents per share, down from $2.18 reported in the prior-year quarter. The Zacks Consensus Estimate for earnings was pegged at a loss of 44 cents per share.
JKS’ first-quarter revenues of $3.19 billion missed the Zacks Consensus Estimate of $3.27 billion. The top line also slipped 5.9% from the prior-year quarter’s reported figure of $3.39 million.
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First Solar (FSLR) Q1 Earnings Beat Estimates, Sales Rise Y/Y
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2024 earnings of $2.20 per share, up a massive 450% from the prior-year quarter’s reported earnings of 40 cents per share. The bottom line beat the Zacks Consensus Estimate of $1.90 by 15.8%.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
Sales Update
First Solar’s first-quarter net sales were $794.1 million, which surpassed the Zacks Consensus Estimate of $715 million by 11.1%. The top line also improved 44.8% from the year-ago quarter’s $548.3 million.
Operational Highlights
In the first quarter, the company’s gross profit was $346 million, which improved a solid 208.8% from $112.1 million in the year-ago quarter.
Total operating expenses increased 10.6% year over year to $104 million due to higher research and development costs as well as selling, general and administrative expenses.
FSLR reported an operating income of $243.1 million compared with an operating income worth $18 million in the year-ago quarter.
Financial Performance
First Solar had $1.68 billion in cash and cash equivalents as of Mar 31, 2024, down from $1.95 billion as of Dec 31, 2023.
The long-term debt totaled $418.7 million as of Mar 31, 2024 compared with $464.1 million as of Dec 31, 2023.
2024 Guidance
First Solar reiterated the majority of its 2024 guidance. FSLR still expects to generate earnings in the range of $13-$14 per share for 2024. The Zacks Consensus Estimate for FSLR’s 2024 earnings is pegged at $13.57 per share, higher than the midpoint of the company’s guided range.
FSLR continues to project its sales in the range of $4.4-$4.6 billion in 2024. The Zacks Consensus Estimate for the same is pegged at $4.5 billion, which is in line with the midpoint of the company’s guided range.
First Solar still expects gross profit in the band of $2.0-$2.1 billion. Its operating income is anticipated in the $1.5-$1.6 billion range.
Meanwhile, the company still expects module shipments in the band of 15.6-16.3 gigawatts in 2024. First Solar increased its 2024 capital expenditure guidance to the range of $1.8-$2.0 billion from its earlier guided range of $1.7-$1.9 billion.
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 first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
ENPH’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
Sunnova Energy (NOVA - Free Report) reported a first-quarter 2024 loss of 57 cents per share, highlighting an improvement from the loss of 70 cents per share reported in the prior-year quarter. The bottom line also came in narrower than the Zacks Consensus Estimate loss of 79 cents per share.
NOVA’s first-quarter revenues of $160.9 million missed the Zacks Consensus Estimate of $198 million. The top line also slipped 0.5% from the prior-year quarter’s reported figure of $161.7 million.
JinkoSolar Holding (JKS - Free Report) reported first-quarter 2024 earnings per American Depositary Share of 74 cents per share, down from $2.18 reported in the prior-year quarter. The Zacks Consensus Estimate for earnings was pegged at a loss of 44 cents per share.
JKS’ first-quarter revenues of $3.19 billion missed the Zacks Consensus Estimate of $3.27 billion. The top line also slipped 5.9% from the prior-year quarter’s reported figure of $3.39 million.