First Solar misses on Q3 revenue, lowers 2025 guidance

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From pv magazine USA

First Solar released its third-quarter 2024 earnings, missing revenue expectations and slightly lowering its full-year 2024 guidance.

The US solar panel maker reported $887 million of revenue, 17.6% below forecasts, with earnings per share of $2.91 – about 8% lower than expected.

The company adjusted its full-year revenue forecast to $4.1 billion to $4.25 billion, down from the previous $4.4 billion to $4.6 billion range.

First Solar reported a record quarter for manufacturing with 3.8 GW produced, and said it has a backlog of more than 73.3 GW of orders extending into the next decade.

It ended the quarter with $1.3 billion in cash and $582 million in debt, spending $431 million in capital expenditures and $50 million on Series 7 warranty fees due to manufacturing issues.

“As we approach the end of 2024, we remain pleased with the progress made across our business, navigating against a backdrop of industry volatility and political uncertainty, with a continued focus on balancing growth, profitability, and liquidity,” said Mark Widmar, chief executive officer of First Solar. “We expect that our disciplined, long-term approach will allow us to work through the outcomes of the upcoming US elections as well as the continued volatility across the solar manufacturing industry.”

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