11.02.23
First Solar, Inc. announced financial results for the third quarter ended Sept. 30, 2023.
Net sales for the third quarter were $801 million, a decrease of $10 million from the prior quarter. The decrease was primarily driven by a reduction in volume of modules sold.
The company reported third quarter net income per diluted share of $2.50, compared to net income per diluted share of $1.59 in the second quarter of 2023.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the third quarter, decreased to $1.3 billion from $1.5 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to manufacturing capacity expansions in Alabama, India, and Ohio, offset by operating cash flows and a final drawdown under our India financing facility.
“Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology,” said Mark Widmar, CEO of First Solar. “Our growth is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform, and, crucially, a balanced business model focused on delivering value to our customers and our shareholders.”
Net sales for the third quarter were $801 million, a decrease of $10 million from the prior quarter. The decrease was primarily driven by a reduction in volume of modules sold.
The company reported third quarter net income per diluted share of $2.50, compared to net income per diluted share of $1.59 in the second quarter of 2023.
Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the third quarter, decreased to $1.3 billion from $1.5 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures related to manufacturing capacity expansions in Alabama, India, and Ohio, offset by operating cash flows and a final drawdown under our India financing facility.
“Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology,” said Mark Widmar, CEO of First Solar. “Our growth is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform, and, crucially, a balanced business model focused on delivering value to our customers and our shareholders.”