Just ahead of the bell the stock is changing hands at $186.25, down $14.58 (-7.26%).
From Zacks Equity Research, April 28:
....MUCH MOREFirst Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
Sales Update
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.Operational HighlightsIn the first quarter, the gross profit totaled $112.1 million, which improved massively by 877.5% from $11.5 million in the year-ago quarter.Total operating expenses increased 32.1% to $94 million due to higher research and development costs, SG&A expenses and production startup costs.
The company reported an operating income of $18 million against an operating loss of $57.8 million in the year-ago quarter.
Financial Performance
First Solar had $906.6 million of cash and cash equivalents as of Mar 31, 2023, down from $1,481.3 million as of Dec 31, 2022.The long-term debt totaled $320.4 million as of Mar 31, 2023 compared with $184.3 million as of Dec 31, 2022.
2023 Guidance....
