First Solar With Significant Revenue Growth in Fiscal Year 2023 - Earnings Positive Again - Share Price Climbs

Tempe, USA - The US solar company First Solar announced its business figures for the fourth quarter of 2023 and the 2023 financial year yesterday after the close of the US stock exchange. There is no sign of a solar crisis at the solar company specializing in thin-film solar technology. The share price is benefiting and rising.

In the fourth quarter, the solar group, which is listed on the RENIXX World renewable share index, generated revenue of USD 1.16 billion. Compared to the same quarter of the previous year, this represents an increase of 16% (Q4 2022: USD 1.0 billion). According to the company, the increase was primarily due to higher module sales in the fourth quarter. Overall, First Solar recorded a net profit of USD 349.2 million in the fourth quarter, compared to a net loss of USD -7.5 million in Q4 2022. This results in earnings of USD 3.25 per share in Q4 2023, compared to a loss of USD -0.07 per diluted share in the same quarter of the previous year.

First Solar generated revenue of USD 3.3 billion in 2023 as a whole. Compared to the previous year, this represents an increase of almost 27% (2022: USD 2.6 billion). According to First Solar, the increase in revenue is due to higher module sales for the year as a whole as well as a higher average selling price (ASP). After posting a net loss in the previous year, the RENIXX Group recorded a positive result again for the full year 2023 with a profit of USD 830.8 million (2022: minus USD 44.2 million). This results in an increase of USD 7.74 per diluted share, following a loss of USD -0.41 cents in the previous year 2022.

"Few years have been as critical to our long-term growth strategy as 2023. Last year, we expanded our production capacity, commissioned our recently announced facility in Louisiana, produced and shipped a record volume of modules, increased our order backlog to historic levels, increased our investment in research and development and further developed our technology and product roadmap," said First Solar CEO Mark Widmar, summarizing last year's performance.

First Solar continues to anticipate positive development for 2024. The First Solar Management Board expects revenue to increase to between USD 4.4 billion and USD 4.6 billion. The forecast net profit per diluted share is USD 13.00 to 14.00.

First Solar's share price rose sharply in yesterday's trading, but fell again in late trading. At the end of the day, the share was up 3.5 percent at a price of EUR 137.44 (28.02.2024, closing price, Stuttgart Stock Exchange).

Source: IWR Online, 29 Feb 2024