First Solar ships 14.1 GW of thin-film solar modules in 2024
From pv magazine USA
First Solar, a US manufacturer of thin-film solar modules, reported fourth quarter earnings, missing Wall Street expectations. However, income is up and sales are forecast to be about 32% higher than 2024. Share prices were up over 9% midway through this week.
Net sales for the fourth quarter were $1.5 billion, up $0.6 billion from the prior quarter. The company attributed the increase primarily to increased module sales in the fourth quarter. Net sales for the full year 2024 were $4.2 billion compared to $3.3 billion in the prior year. This increase was primarily driven by a higher volume of modules sold to third parties.
The company reported fourth quarter net income per diluted share of $3.65 and full-year net income per diluted share of $12.02.
First Solar recently reported the sale of 2024 Section 45X tax credits, which, along with module segment operating cash flows, partially offset by capital expenditures associated with its Alabama and Louisiana facilities. This resulted in cash, marketable securities and less debt at the end of the fourth quarter increasing to $1.2 billion from $0.7 billion at the end of the prior quarter.
The sale of 45X advanced manufacturing production tax credits was executed through two agreements at a price of $0.955 per $1.00 of tax credit for a total sale of $857 million, generated from its US-based facilities. The agreements covered a fixed transaction of $645 million of tax credits, which were paid in two parts at the end of last year, and $212 million in additional tax credits, which is expected to be completed by Feb. 28, 2025, said First Solar.
It noted that it expects earnings per share of $17 to $20 for 2025, up slightly from the consensus estimate of $20.17. The company forecasts full-year revenue of $5.3 billion to $5.8 billion, versus expectations of $5.52 billion.
The company posted earnings per share of $3.65 for the quarter ending Dec. 31, missing analysts’ average estimate of $4.83. Revenue for the quarter was $1.5 billion, slightly ahead of analysts’ expectations of $1.49 billion.
“In 2024, we continued building the foundations required for our long-term growth strategy,” said Mark Widmar, chief executive officer of First Solar. “Even as we maintained a highly selective approach to bookings, we expanded manufacturing capacity by commissioning our Alabama facility and progressed construction of our new Louisiana facility, established the infrastructure we anticipate will accelerate innovation with a new R&D center in Ohio, and produced and shipped a historic volume of modules.”
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