Summary by Moomoo AI
First Solar, a leading American solar technology company, reported a significant increase in financial performance for the quarter ended June 30, 2024. Net sales surged by 25% to $1.0 billion compared to $0.8 billion in the same period in 2023, driven by a 21% increase in the volume of modules sold and a 4% rise in the average selling price per watt. Gross profit as a percentage of net sales jumped to 49.4% from 38.3% in the previous year, attributed to a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC, higher plant utilization, and a contract termination payment from a European customer. The company's modules business remains the primary segment, focusing on the design, manufacture, and sale of cadmium telluride...Show More