First Solar(FSLR) - 2024 Q3 - Quarterly Results

Financial Performance - Net sales for Q3 2024 were $0.9 billion, a decrease of $0.1 billion from the prior quarter, primarily due to a decrease in MW sold and a $50 million product warranty reserve charge[1][2] - Net income per diluted share for Q3 2024 was $2.91, compared to $3.25 in Q2 2024[2] - Net sales for the nine months ended September 30, 2024, reached $2,692,258, a 24.6% increase compared to $2,160,049 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 $798,646 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 $481,538 in the same period in 2023[11] Cash Flow and Capital Expenditures - Net cash balance decreased to $0.7 billion from $1.2 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 $41,151 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 $1,039,863 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 $185,064 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 $152,458 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-$4.25B from $4.4B-$4.6B, 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, down from $1.8B-$2.0B[5] - Gross margin for 2024 is expected to be $1.95B-$2.00B, slightly lower than the previous estimate of $2.0B-$2.1B[5] - Operating income for 2024 is forecasted at $1.48B-$1.54B, compared to the prior range of $1.5B-$1.6B[5] - Earnings per diluted share for 2024 are now expected to be $13.00-$13.50, down from $13.00-$14.00[5] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were $144,876, a 33.6% increase from $108,445 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 $3,996,439 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]