First Solar Shares Bounce Around Following Q3 Earnings: The Details

First Solar Inc FSLR reported third-quarter financial results Tuesday after the bell. Here's a look at the key metrics from the quarter.

What Happened: First Solar reported third-quarter revenue of $801 million versus the consensus estimate of $894.12 million, according to Benzinga Pro. Sales were down $10 million from the prior quarter, primarily driven by a reduction in the volume of modules sold.

The company reported quarterly adjusted earnings of $2.50 per share, up from $1.59 in the second quarter, beating the consensus of $2.06.

First Solar ended the quarter with $1.3 billion in cash, equivalents, restricted cash, and marketable securities, less debt, down from $1.5 billion at the end of the prior quarter.

"Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology," said Mark Widmar, CEO of First Solar.

"Our growth is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform, and, crucially, a balanced business model focused on delivering value to our customers and our shareholders."

First Solar expects full-year 2023 revenue to be between $3.4 billion and $3.6 billion, as against a consensus of $3.50 billion. 

Full-year earnings are expected to be between $7.20 and $8 per share versus the company's prior outlook of $7 to $8 per share, against the consensus of $7.76. 

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

Related Link: Five Solar Stocks Under A Dollar

FSLR Price Action: First Solar shares were down about 9% over the last week heading into the print. The stock was volatile after hours, but shares were trading down 1.53% at $140.27 at the time of publication, according to Benzinga Pro.

Photo: Michael Pointner from Pixabay.