First Solar's Q4 Earnings Miss Estimates, Revenues Increase Y/Y

Core Insights - First Solar, Inc. (FSLR) reported fourth-quarter 2024 earnings of $3.65 per share, a 12.3% increase from $3.25 in the prior-year quarter, but missed the Zacks Consensus Estimate of $4.64 per share by 21.3% [1] - The company achieved full-year earnings of $12.02 per share, significantly higher than $7.74 in the previous year, yet fell short of the Zacks Consensus Estimate of $13 per share [2] Sales Performance - Fourth-quarter net sales reached $1.51 billion, exceeding the Zacks Consensus Estimate of $1.47 billion by 3% and reflecting a 30.7% increase from $1.16 billion in the same quarter last year, driven by higher module sales [3] - For the full year, net sales totaled $4.21 billion, up from $3.32 billion in 2023, and also surpassed the Zacks Consensus Estimate of $4.16 billion [3] Operational Highlights - Gross profit for the fourth quarter was $567.7 million, a 13.1% increase from $502 million in the prior-year quarter [4] - Total operating expenses rose slightly by 0.1% year over year to $110.9 million, while operating income increased to $456.8 million from $397.8 million in the previous year [4] Financial Position - As of December 31, 2024, First Solar had $1.62 billion in cash and cash equivalents, down from $1.95 billion a year earlier [5] - Long-term debt decreased to $373.4 million from $464.1 million as of December 31, 2023 [5] - Net cash flow from operating activities was $1.22 billion in 2024, compared to $0.60 billion at the end of 2023 [5] 2025 Guidance - First Solar provided guidance for 2025, expecting earnings between $17.00 and $20.00 per share, while the Zacks Consensus Estimate is $20.37 per share [6] - Sales guidance for 2025 is projected to be between $5.30 billion and $5.80 billion, with the consensus estimate at $5.46 billion, below the midpoint of the company's range [6] - The company anticipates gross profit in the range of $2.45 billion to $2.75 billion and operating income between $1.95 billion and $2.30 billion [7] - Module shipments are expected to be between 18 and 20 gigawatts, with capital expenditure projected at $1.30 billion to $1.50 billion [8]