First Solar, a leading American solar technology company, reported a significant increase in financial performance for the first quarter ended March 31, 2024. Net sales surged by 45% to $794.1 million from $548.3 million in the same period in 2023, driven by higher module sales volume and increased average selling prices. Gross profit as a percentage of net sales soared to 43.6% from 20.4% year-on-year, attributed to the recognition of the advanced manufacturing production credit, reduced freight costs, and higher module selling prices. The company's total installed nameplate production capacity stood at approximately 17.6 GW, with 3.6 GW produced and 2.7 GW sold during the quarter. Future production is projected between 15.6 GW and 16.0 GW, with sales estimates ranging from 15.6 GW to 16.3 GW for 2024. First Solar's business development...Show More

First Solar, a leading American solar technology company, reported a significant increase in financial performance for the first quarter ended March 31, 2024. Net sales surged by 45% to $794.1 million from $548.3 million in the same period in 2023, driven by higher module sales volume and increased average selling prices. Gross profit as a percentage of net sales soared to 43.6% from 20.4% year-on-year, attributed to the recognition of the advanced manufacturing production credit, reduced freight costs, and higher module selling prices. The company's total installed nameplate production capacity stood at approximately 17.6 GW, with 3.6 GW produced and 2.7 GW sold during the quarter. Future production is projected between 15.6 GW and 16.0 GW, with sales estimates ranging from 15.6 GW to 16.3 GW for 2024. First Solar's business development highlighted its modules segment, focusing on the design, manufacture, and sale of cadmium telluride solar modules. The company's future plans include expanding manufacturing capacity by approximately 7.6 GW, with new facilities in the United States expected to commence operations in the second half of 2024 and late 2025. Additionally, First Solar entered into an agreement with Fiserv for the sale of $687.2 million of Section 45X tax credits, receiving $480.0 million in initial proceeds during the quarter and the remaining $179.7 million in April 2024.