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First Solar(FSLR) - 2024 Q3 - Quarterly Results
FSLRFirst Solar(FSLR)2024-10-29 20:09

Financial Performance - Net sales for Q3 2024 were 0.9billion,adecreaseof0.9 billion, a decrease of 0.1 billion from the prior quarter, primarily due to a decrease in MW sold and a 50millionproductwarrantyreservecharge[1][2]−NetincomeperdilutedshareforQ32024was50 million product warranty reserve charge[1][2] - Net income per diluted share for Q3 2024 was 2.91, compared to 3.25inQ22024[2]−NetsalesfortheninemonthsendedSeptember30,2024,reached3.25 in Q2 2024[2] - Net sales for the nine months ended September 30, 2024, reached 2,692,258, a 24.6% increase compared to 2,160,049inthesameperiodin2023[11]−GrossprofitfortheninemonthsendedSeptember30,2024,was2,160,049 in the same period in 2023[11] - Gross profit for the nine months ended September 30, 2024, was 1,290,203, up 61.6% from 798,646inthesameperiodin2023[11]−NetincomefortheninemonthsendedSeptember30,2024,was798,646 in the same period in 2023[11] - Net income for the nine months ended September 30, 2024, was 898,928, an 86.7% increase compared to 481,538inthesameperiodin2023[11]CashFlowandCapitalExpenditures−Netcashbalancedecreasedto481,538 in the same period in 2023[11] Cash Flow and Capital Expenditures - Net cash balance decreased to 0.7 billion from 1.2billioninthepriorquarter,drivenbycapitalexpendituresfornewU.S.factoriesandincreasedworkingcapital[3]−NetcashprovidedbyoperatingactivitiesfortheninemonthsendedSeptember30,2024,was1.2 billion in the prior quarter, driven by capital expenditures for new U.S. factories and increased working capital[3] - Net cash provided by operating activities for the nine months ended September 30, 2024, was 407,003, a significant increase from 41,151inthesameperiodin2023[12]−Purchasesofproperty,plantandequipmentfortheninemonthsendedSeptember30,2024,totaled41,151 in the same period in 2023[12] - Purchases of property, plant and equipment for the nine months ended September 30, 2024, totaled 1,212,537, a 16.6% increase from 1,039,863inthesameperiodin2023[12]−Property,plantandequipmentacquisitionsfundedbyliabilitiesfortheninemonthsendedSeptember30,2024,were1,039,863 in the same period in 2023[12] - Property, plant and equipment acquisitions funded by liabilities for the nine months ended September 30, 2024, were 264,480, up from 185,064inthesameperiodin2023[12]−Proceedstobereceivedfromasset−basedgovernmentgrantsfortheninemonthsendedSeptember30,2024,were185,064 in the same period in 2023[12] - Proceeds to be received from asset-based government grants for the nine months ended September 30, 2024, were 159,490, compared to 152,458inthesameperiodin2023[12]SalesandBookings−YTDnetbookingsreached4.0GW,with0.4GWaddedsincetheQ2earningscall[1]−Expectedsalesbacklogstandsat73.3GW[1]UpdatedGuidancefor2024−Updated2024guidance:Netsalesrevisedto152,458 in the same period in 2023[12] Sales and Bookings - YTD net bookings reached 4.0 GW, with 0.4 GW added since the Q2 earnings call[1] - Expected sales backlog stands at 73.3 GW[1] Updated Guidance for 2024 - Updated 2024 guidance: Net sales revised to 4.10B-4.25Bfrom4.25B from 4.4B-4.6B,andvolumesoldadjustedto14.2GW−14.6GWfrom15.6GW−16.3GW[5]−Capitalexpendituresfor2024arenowprojectedat4.6B, and volume sold adjusted to 14.2GW-14.6GW from 15.6GW-16.3GW[5] - Capital expenditures for 2024 are now projected at 1.55B-1.65B,downfrom1.65B, down from 1.8B-2.0B[5]−Grossmarginfor2024isexpectedtobe2.0B[5] - Gross margin for 2024 is expected to be 1.95B-2.00B,slightlylowerthanthepreviousestimateof2.00B, slightly lower than the previous estimate of 2.0B-2.1B[5]−Operatingincomefor2024isforecastedat2.1B[5] - Operating income for 2024 is forecasted at 1.48B-1.54B,comparedtothepriorrangeof1.54B, compared to the prior range of 1.5B-1.6B[5]−Earningsperdilutedsharefor2024arenowexpectedtobe1.6B[5] - Earnings per diluted share for 2024 are now expected to be 13.00-13.50,downfrom13.50, down from 13.00-14.00[5]ResearchandDevelopment−ResearchanddevelopmentexpensesfortheninemonthsendedSeptember30,2024,were14.00[5] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were 144,876, a 33.6% increase from 108,445inthesameperiodin2023[11]MarketableSecuritiesandCashPosition−ProceedsfromsalesandmaturitiesofmarketablesecuritiesfortheninemonthsendedSeptember30,2024,were108,445 in the same period in 2023[11] Marketable Securities and Cash Position - Proceeds from sales and maturities of marketable securities for the nine months ended September 30, 2024, were 1,897,997, compared to 3,996,439inthesameperiodin2023[12]−Cash,cashequivalents,restrictedcash,andrestrictedcashequivalentsattheendoftheperiodonSeptember30,2024,were3,996,439 in the same period in 2023[12] - Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period on September 30, 2024, were 1,021,467, a decrease from $1,510,242 at the end of the same period in 2023[12]