US thin-film solar module manufacturer First Solar reported nearly double its net profit for the first nine months of 2024, driven by increased sales. However, the company has narrowed its full-year guidance for all metrics due to ongoing global market fluctuations.
CEO Mark Widmar commented, “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.”
First Solar’s net profit for the first three quarters reached USD 898.9 million, compared to USD 481.5 million in the same period last year, with revenues totaling USD 2.69 billion.
In the third quarter alone, net income was USD 313 million year-on-year, although it saw a sequential decline due to a USD 50 million product warranty reserve charge. Additionally, net sales for the third quarter were USD 887.7 million, down from the previous quarter, attributed to the warranty charge and a decrease in megawatts sold.
As of September, First Solar’s year-to-date net bookings stood at 4 GW, with 0.4 GW recorded in the third quarter. The company ended the third quarter with net cash, cash equivalents, restricted cash, and marketable securities totaling USD 700 million, down from USD 1.2 billion in the preceding quarter, largely due to capital expenditures for new factories in Alabama and Louisiana and increased working capital needs.
