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First Solar (FSLR) Q2 Earnings Beat Estimates, Sales Rise Y/Y
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First Solar, Inc. (FSLR - Free Report) reported second-quarter 2024 earnings of $3.25 per share, up a solid 104.4% from the prior-year quarter’s reported earnings of $1.59 per share. The bottom line also beat the Zacks Consensus Estimate of $2.67 by 21.7%.
The year-over-year improvement in the bottom line can be attributed to solid sales and gross profit growth, along with lower operating expenses, compared to the prior-year quarter’s level.
Sales Update
First Solar’s second-quarter net sales were $1.01 billion, which surpassed the Zacks Consensus Estimate of $0.95 billion by 6.8%. The top line also improved 24.6% from the year-ago quarter’s $0.81 billion.
First Solar, Inc. Price, Consensus and EPS Surprise
The year-over-year top-line improvement was driven by an increase in the volume of modules sold as well as an increase in the average selling price per watt of FSLR’s modules.
Operational Highlights
In the second quarter, the company’s gross profit was $498.9 million, which improved a solid 60.7% from $310.4 million in the year-ago quarter.
Total operating expenses decreased 11% year over year to $126.4 million due to significantly lower Litigation loss.
FSLR reported an operating income of $372.5 million compared with an operating income worth $168.5 million in the year-ago quarter.
Financial Performance
First Solar had $1.70 billion in cash and cash equivalents as of Jun 30, 2024, down from $1.95 billion as of Dec 31, 2023.
The long-term debt totaled $418.7 million as of Jun 30, 2024 compared with $464.1 million as of Dec 31, 2023.
The company’s cash flow from operating activities amounted to $460.7 million at the end of the second quarter of 2024 against the cash outflow from operating activities worth $124.3 million in the comparable year-ago quarter’s figure.
2024 Guidance
First Solar reiterated its 2024 guidance. FSLR still expects to generate earnings in the range of $13-$14 per share for 2024. The Zacks Consensus Estimate for the company’s 2024 earnings is pegged at $13.58 per share, higher than the midpoint of the company’s guided range.
FSLR continues to project its sales in the range of $4.40-$4.60 billion in 2024. The Zacks Consensus Estimate for the same is pegged at $4.53 billion, higher than the midpoint of the company’s guided range.
First Solar still expects gross profit in the band of $2.00-$2.10 billion. Its operating income is still anticipated in the $1.50-$1.60 billion range.
Meanwhile, the company still expects module shipments in the band of 15.6-16.3 gigawatts in 2024. First Solar still expects its 2024 capital expenditure guidance in the range of $1.80-$2.00 billion.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2024 adjusted earnings of 43 cents per share, highlighting a 70.7% decline from $1.47 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 49 cents per share by 12.2%.
Enphase Energy’s second-quarter revenues of $303.5 million missed the Zacks Consensus Estimate of $314 million by 1.8%. The top line also declined 57.3% from the prior-year quarter’s reported figure of $711.1 million.
Upcoming Solar Releases
Array Technologies (ARRY - Free Report) is set to report second-quarter 2024 results on Aug 8 after market close. The Zacks Consensus Estimate for Array Technologies’ second-quarter earnings is pegged at 10 cents per share, which calls for a deterioration of 78.7% from the prior-year quarter’s comparable figure.
The Zacks Consensus Estimate for ARRY’s second-quarter sales is pegged at $230.5 million, which implies a decline of 54.6% from the year-ago quarter’s reported actuals.
Nextracker Inc. (NXT - Free Report) is slated to report second-quarter 2024 results on Aug 1 after market close. The Zacks Consensus Estimate for Nextracker’s second-quarter earnings is pegged at 66 cents per share, which suggests growth of 37.5% from the prior-year quarter’s reported figure.
The Zacks Consensus Estimate for NXT’s second-quarter sales is pegged at $618.1 million, which calls for an improvement of 28.9% from the prior-year quarter’s reported figure.
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First Solar (FSLR) Q2 Earnings Beat Estimates, Sales Rise Y/Y
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2024 earnings of $3.25 per share, up a solid 104.4% from the prior-year quarter’s reported earnings of $1.59 per share. The bottom line also beat the Zacks Consensus Estimate of $2.67 by 21.7%.
The year-over-year improvement in the bottom line can be attributed to solid sales and gross profit growth, along with lower operating expenses, compared to the prior-year quarter’s level.
Sales Update
First Solar’s second-quarter net sales were $1.01 billion, which surpassed the Zacks Consensus Estimate of $0.95 billion by 6.8%. The top line also improved 24.6% from the year-ago quarter’s $0.81 billion.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
The year-over-year top-line improvement was driven by an increase in the volume of modules sold as well as an increase in the average selling price per watt of FSLR’s modules.
Operational Highlights
In the second quarter, the company’s gross profit was $498.9 million, which improved a solid 60.7% from $310.4 million in the year-ago quarter.
Total operating expenses decreased 11% year over year to $126.4 million due to significantly lower Litigation loss.
FSLR reported an operating income of $372.5 million compared with an operating income worth $168.5 million in the year-ago quarter.
Financial Performance
First Solar had $1.70 billion in cash and cash equivalents as of Jun 30, 2024, down from $1.95 billion as of Dec 31, 2023.
The long-term debt totaled $418.7 million as of Jun 30, 2024 compared with $464.1 million as of Dec 31, 2023.
The company’s cash flow from operating activities amounted to $460.7 million at the end of the second quarter of 2024 against the cash outflow from operating activities worth $124.3 million in the comparable year-ago quarter’s figure.
2024 Guidance
First Solar reiterated its 2024 guidance. FSLR still expects to generate earnings in the range of $13-$14 per share for 2024. The Zacks Consensus Estimate for the company’s 2024 earnings is pegged at $13.58 per share, higher than the midpoint of the company’s guided range.
FSLR continues to project its sales in the range of $4.40-$4.60 billion in 2024. The Zacks Consensus Estimate for the same is pegged at $4.53 billion, higher than the midpoint of the company’s guided range.
First Solar still expects gross profit in the band of $2.00-$2.10 billion. Its operating income is still anticipated in the $1.50-$1.60 billion range.
Meanwhile, the company still expects module shipments in the band of 15.6-16.3 gigawatts in 2024. First Solar still expects its 2024 capital expenditure guidance in the range of $1.80-$2.00 billion.
Zacks Rank
First Solar currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Solar Release
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2024 adjusted earnings of 43 cents per share, highlighting a 70.7% decline from $1.47 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 49 cents per share by 12.2%.
Enphase Energy’s second-quarter revenues of $303.5 million missed the Zacks Consensus Estimate of $314 million by 1.8%. The top line also declined 57.3% from the prior-year quarter’s reported figure of $711.1 million.
Upcoming Solar Releases
Array Technologies (ARRY - Free Report) is set to report second-quarter 2024 results on Aug 8 after market close. The Zacks Consensus Estimate for Array Technologies’ second-quarter earnings is pegged at 10 cents per share, which calls for a deterioration of 78.7% from the prior-year quarter’s comparable figure.
The Zacks Consensus Estimate for ARRY’s second-quarter sales is pegged at $230.5 million, which implies a decline of 54.6% from the year-ago quarter’s reported actuals.
Nextracker Inc. (NXT - Free Report) is slated to report second-quarter 2024 results on Aug 1 after market close. The Zacks Consensus Estimate for Nextracker’s second-quarter earnings is pegged at 66 cents per share, which suggests growth of 37.5% from the prior-year quarter’s reported figure.
The Zacks Consensus Estimate for NXT’s second-quarter sales is pegged at $618.1 million, which calls for an improvement of 28.9% from the prior-year quarter’s reported figure.