First Solar's Q3 Earnings Miss Estimates, '24 Sales View Revised

First Solar, Inc. FSLR reported third-quarter 2024 earnings of $2.91 per share, which were up 16.4% from the prior-year quarter’s figure of $2.50. However, the bottom line missed the Zacks Consensus Estimate of $3.10 by 6.1%.The year-over-year improvement in the bottom line can be attributed to solid sales and gross profit growth from the prior-year quarter.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.FSLR’s Sales UpdateFirst Solar’s third-quarter net sales were $887.7 million, which missed the Zacks Consensus Estimate of $1.07 billion by 17%. The top line, however, improved 10.8% from the year-ago quarter’s $801.1 million. The year-over-year top-line improvement was driven by an increase in the volume of modules sold to third parties and termination payments of $72.3 million associated with certain customer contract terminations in the United States and India.First Solar, Inc. Price, Consensus and EPS Surprise First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. QuoteOperational Highlights of FSLRIn the third quarter, the company’s gross profit was $445.3 million, which improved a solid 18.4% from $376.2 million in the year-ago quarter. The improvement can be attributed to termination payments associated with certain customer contract terminations in the United States and India and a higher sales mix of modules qualifying for the advanced manufacturing production credit under Section 45X of the IRC.Total operating expenses increased 19.2% year over year to $123.3 million due to significantly higher research and development expenses and production start-up expenses.FSLR reported an operating income of $322 million compared with $273 million in the year-ago quarter.Financial Performance of First SolarFirst Solar had $1.01 billion in cash and cash equivalents as of Sept. 30, 2024, down from $1.95 billion as of Dec. 31, 2023.The long-term debt totaled $373.3 million as of the same date compared with $464.1 million as of Dec. 31, 2023.The company’s cash flow from operating activities amounted to $407 million at the end of the third quarter compared with $41.2 million in the prior year.First Solar’s 2024 GuidanceFirst Solar updated its 2024 guidance. FSLR now expects to generate earnings in the range of $13.00-$13.50 per share, which is narrower than its prior guidance of $13-$14. The Zacks Consensus Estimate for earnings is pegged at $13.34 per share, higher than the midpoint of the company’s new guided range.FSLR reduced its sales guidance to $4.10-$4.25 billion from the prior range of $4.40-$4.60 billion. The Zacks Consensus Estimate is pegged at $4.43 billion, higher than the company’s guided range.First Solar now expects gross profit to be in the band of $1.95-$2.00 billion compared with the earlier guided range of $2.00-$2.10 billion. Its operating income is now anticipated to be in the $1.48-$1.54 billion range, lower than the earlier guidance of $1.50-1.60 billion.The company now expects module shipments to be in the band of 14.2-14.6 gigawatts (GW), lower than earlier guided range of 15.6-16.3 GW. First Solar expects its capital expenditure to be in the range of $1.55-$1.65 billion, lower than the prior guidance of $1.80-$2.00 billion.FSLR’s Zacks RankFirst Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.A Recent Solar ReleaseEnphase Energy, Inc. ENPH reported third-quarter 2024 adjusted earnings of 65 cents per share, reflecting a 36.3% decline from $1.02 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 78 cents per share by 16.7%.Enphase Energy’s revenues of $380.9 million missed the consensus estimate of $391 million by 2.6%. The top line also declined 30.9% from the prior-year quarter’s figure of $551.1 million.Upcoming Solar ReleasesSolarEdge Technologies SEDG is set to report third-quarter results on Nov. 6, after market close. The Zacks Consensus Estimate for SolarEdge Technologies’ third-quarter loss is pegged at $1.55 per share.The consensus estimate for SEDG’s sales is pegged at $269.3 million, which indicates a decline of 62.9% from the prior-year quarter’s figure.Sunrun RUN is slated to report third-quarter 2024 results on Nov. 7, after market close. The Zacks Consensus Estimate for RUN’s third-quarter loss is pegged at 16 cents per share.The consensus estimate for RUN’s sales is pegged at $560.6 million, which indicates a decline of 0.5% from the prior-year quarter’s figure.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report First Solar, Inc. (FSLR): Free Stock Analysis Report Enphase Energy, Inc. (ENPH): Free Stock Analysis Report SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis Report Sunrun Inc. (RUN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks