First Solar has released its version third quarter earnings for 2024, missed revenue expectations and a slight reduction in expectations for the full year 2024.
The US solar panel maker reported revenue of $887 million, 17.6% less than expected, and earnings per share of $2.91 – about 8% lower than expected.
The company adjusted its full-year revenue guidance to $4.25 billion from $4.1 billion, down from the previous range of $4.4 billion to $4.6 billion.
First Solar reported a record quarter for production with 3.8 GW produced, and said it has a backlog of more than 73.3 GW of orders stretching into the next decade.
It ended the quarter with $1.3 billion in cash and $582 million in debt, spending $431 million in capital expenditures and $50 million in Series 7 warranty costs due to production issues.
“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, head of the company. executive officer of First Solar. “We expect that our disciplined, long-term approach will enable us to handle the outcomes of the upcoming US elections and continued volatility in the solar industry.”
