First Solar surpasses expectations, delivering robust Q3 2023 results – EQ
In Short : First Solar, a leading solar technology company, has surpassed market estimates with its robust financial performance in Q3 2023. The company reported strong earnings and revenue figures, showcasing its resilience and market strength in the renewable energy sector. First Solar’s positive results underscore the growing demand for solar energy solutions and the company’s ability to capitalize on the expanding clean energy market. These achievements position First Solar as a key player in the global renewable energy landscape, contributing significantly to the transition toward sustainable and eco-friendly power sources.
In Detail : First Solar (NASDAQ:FSLR), Inc. delivered strong Q3 2023 results, surpassing the Zacks Consensus Estimate with earnings of $2.50 per share. The company reported net sales of $801.1 million and a gross profit of $376.2 million for the quarter.
The solar panel manufacturer saw its operating income rise to $272.9 million, driven by increased research and development (R&D) and selling, general, and administrative (SG&A) expenses. The company’s balance sheet remained robust with cash and equivalents amounting to $1,492.9 million, while long-term debt stood at $464 million.
Looking ahead to the remainder of the year, First Solar revised its 2023 guidance upwards. The company now anticipates earnings between $7.20 and $8 per share, sales in the range of $3.4 to $3.6 billion, gross profit between $1.2 and $1.3 billion, operating income from $745 to $870 million, and shipments of 11.8 to 12.3 gigawatts.
In comparison to its peers in the renewable energy sector, First Solar’s performance was noteworthy. Enphase Energy (NASDAQ:ENPH) reported Q3 earnings of $1.02 per share on revenues of $551.1 million. JinkoSolar (NYSE:JKS) posted Q3 earnings of $2.59 per American Depositary Share (ADS) on revenues of a significant $4,363.2 million.
Meanwhile, SolarEdge (NASDAQ:SEDG)’s Q3 sales are projected to grow by 13.9% with an earnings estimate set at 70 cents per share.
