Chuck Smith monitors the manufacturing process of the series 6 solar panels during a tour of a First Solar plant in Walbridge, Ohio, U.S., October 6, 2021. Picture taken October 6, 2021.
Dane Rhys | Reuters
First Solar reported second-quarter results Tuesday that beat revenue and earnings expectations, but the solar technology company left its forecast for the year unchanged.
First Solar stock rose about 1% in extended trading.
Here is what First Solar reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $3.25 vs. $2.69 expected
- Revenue: $1.01 billion vs. $941.5 million expected
First Solar booked $1.01 billion in sales, a 24% increase over revenues of $810 million during the same period last year. Net income more than doubled to $349.4 million, or $3.25 per share, from $171 million, or $1.59 per share, a year ago.
The company maintained its sales forecast for the year of $4.4 billion to $4.6 billion.
First Solar has added 3.6 gigawatts in net bookings so far in 2024. The company has an expected backlog of 75.9 gigawatts, with orders stretching through 2030, as utilities build out solar on expectations of a significant surge in power demand over the coming years.
First Solar’s stock has dropped 6.4% over the past month, as some investors fear former President Donald Trump is favored to win in the November election, potentially putting Inflation Reduction Act tax credits in jeopardy.