First Solar, a leading solar technology company, has announced its financial results for the third quarter ending September 30, 2023. Despite challenges, the company remains optimistic about its long-term growth journey.
First Solar has reported sales of $801 million for Q3 2023, marking a slight decrease of $10 million from the previous quarter. This decrease was primarily attributed to a reduction in the volume of modules sold. Nevertheless, the company’s performance in a competitive market remains strong.
The highlight of the report is the impressive increase in net income. First Solar reported a net income of $2.50 per diluted share for the third quarter, significantly surpassing the $1.59 per diluted share reported in the second quarter of 2023. This substantial increase in net income reflects the company’s commitment to operational excellence and cost efficiency.
First Solar also shared its achievements in terms of bookings. The company achieved bookings of 27.8 GW during the third quarter, with 6.8 GW booked since the second-quarter earnings call. These bookings came at an average selling price of $0.30 per watt, excluding the Indian market.
Mark Widmar, CEO of First Solar, in its earnings report, has expressed optimism about the company’s trajectory, stating, “Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology.”
Looking ahead to 2023, First Solar has set ambitious targets. The company is targeting revenue in the range of $3.4 billion to $3.6 billion for the year. To achieve this, First Solar aims to sell between 11.8 GW and 12.3 GW of its solar modules. Capital expenditure (Capex) is expected to be in the range of $1.7 billion to $1.9 billion, while operational expenditure (Opex) is estimated to be between $440 million and $470 million for 2023.