Balance Sheet: First Solar Reports Significant Increase in Sales And Profit in The First Half And Second Quarter of 2024
Tempe, USA - The US solar company First Solar earned significantly more in the first half of 2024 than in the same period of the previous year.
On a quarterly basis, the specialist for thin-film solar technology generated revenue of around USD 1.01 billion in the second quarter of 2024 (Q2 2024) from April to June, which corresponds to an increase of around 25% compared to the same period of the previous year (Q2 2023: USD 810.7 million). Net profit amounted to USD 349.4 million in Q2 2024 (Q2 23: USD 170.6 million). Second quarter net income per diluted share was USD 3.25, compared to USD 1.59 / share in Q2 2023.
CEO Mark Widmar believes First Solar is well positioned for further development: “We are pleased with our financial and operational execution through the first half of this year as we continue to deliver on our commitments. Our balanced approach to growth, profitability, and liquidity, combined with multiple technological and business model points of differentiation is enabling us to deliver value for both our customers and our shareholders,” Widmar said.
First Solar confirms its guidance for the full year 2024. Accordingly, the Management Board of the US solar manufacturer expects revenue in a range between USD 4.4 billion and USD 4.6 billion. The RENIXX Group expects net earnings per share of USD 13 to 14 per diluted share. The expected sales volume for the full year 2024 is 15.6 to 16.3 GW of solar capacity.
After a loss of 3.2 percent to 196.7 euros the previous day (closing price 30.07.2024, Stuttgart Stock Exchange), First Solar's shares have not shown any major reaction so far today. The share gained 2.2 percent to 200.95 euros in the morning. Compared to the price at the turn of the year, this is a significant increase of around 29 percent.
Source: IWR Online, 31 Jul 2024
