First Solar, Inc. FSLR reported its third-quarter results after Tuesday's closing bell. Here's a look at the key figures from the quarter.
The Details: First Solar reported quarterly earnings of $2.91 per share, which missed the analyst consensus estimate of $3.13. The company said its earnings were impacted by a $50 million product warranty reserve charge during the quarter.
Quarterly revenue came in at $887.67 million, which missed the analyst consensus estimate of $1.07 billion. First Solar reported year-to-date net bookings of 4.0 GW with 0.4 GW since the company’s second-quarter earnings call. The company said it has an expected sales backlog of 73.3 GW.
“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, CEO of First Solar.
“We expect that our disciplined, long-term approach will allow us to work through the outcomes of the upcoming U.S. elections as well as the continued volatility across the solar manufacturing industry,” Widmar added.
Outlook: First Solar revised its fiscal 2024 net sales forecast from a range of $4.4 billion to $4.6 billion to a new range of $4.1 billion to $4.25 billion, versus the $4.44 billion estimate. The company also revised its full-year earnings forecast from between $13 and $14 per share to between $13 and $13.50 per share, versus the $13.49 estimate.
FSLR Price Action: According to Benzinga Pro, First Solar shares are down 4.84% after-hours at $190.38 at the time of publication Tuesday.
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