First Solar, Inc. Unveils Q4 and Full Year 2023 Financial Results, and Provides 2024 Guidance

First Solar, Inc. published its financial performance for Q4 and full year ending December 31, 2023. Net sales in the fourth quarter surged to $1.2 billion, a $0.4 billion increase driven primarily by heightened module sales. For the entire fiscal year, net sales reached $3.3 billion, up from $2.6 billion in the previous year, attributable to increased module volumes and average selling prices.

In the fourth quarter, the company achieved a net income per diluted share of $3.25, with full-year earnings per diluted share totaling $7.74. Cash reserves, including cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, net of debt, rose to $1.6 billion by the end of the fourth quarter, reflecting a surge from $1.3 billion in the prior quarter. This increase was primarily fueled by operational cash flows, offset by capital expenditures linked to manufacturing capacity expansions across various locations. Anticipating a promising year ahead, First Solar forecasts net sales for 2024 in the range of $4.4 billion to $4.6 billion, with operating income expected to range between $1.5 billion and $1.6 billion.

These projections include production start-up expenses, underutilization costs associated with factory ramp, and Section 45X tax credits. The company anticipates a net income per diluted share in the range of $13.00 to $14.00, with a projected year-end 2024 net cash balance between $0.9 billion and $1.2 billion.

Few years have been as consequential to our long-term growth strategy as 2023,” said Mark Widmar, CEO of First Solar. “Over the past year, we scaled manufacturing capacity, mobilized at our latest announced facility in Louisiana, produced and shipped a record volume of modules, expanded our contracted backlog to historic levels, increased R&D investment, and continued to evolve our technology and product roadmap.”