Yahoo Finance First Solar (FSLR) Q1 Earnings Miss Estimates, Sales Rise Y/Y
First Solar, Inc. FSLR 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.
First Solar, Inc. Price, Consensus and EPS Surprise
First Solar, Inc. price-consensus-eps-surprise-chart | First Solar, Inc. Quote
Operational Highlights
In 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
First Solar reaffirmed its 2023 earnings guidance. FSLR expects earnings in the range of $7.00-$8.00 per share on sales in the $3.4-3.6 billion range in 2023.
The Zacks Consensus Estimate for 2023 earnings is pegged at $7.22 per share, lower than the midpoint of the company’s guidance range. The Zacks Consensus Estimate for 2023 sales stands at $3.48 billion, near the midpoint of the guided range.
First Solar expects a gross profit in the range of $1.2-$1.3 billion. The operating income is now anticipated in the band of $745-$870 million.
Meanwhile, First Solar now expects shipments in the band of 11.8-12.3 gigawatts in 2023.
Zacks Rank
First Solar currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Solar Release
Enphase Energy, Inc. ENPH reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
Upcoming Releases
SolarEdge Technologies SEDG is slated to release first-quarter 2023 results on May 5. SolarEdge boasts a long-term earnings growth rate of 30.1%.
The Zacks Consensus Estimate for SEDG’s earnings is pegged at $1.95 per share, implying a 62.5% improvement from the year-ago quarter’s reported figure. The same for the company’s sales stands at $929.4 million, indicating a 41.9% increase from that reported in the comparable period of 2022.
SunPower Corporation SPWR is scheduled to release first-quarter 2023 results on May 5. SunPower has a four-quarter average negative earnings surprise of 9.05%.
The stock boasts a long-term earnings growth rate of 38.7%. The Zacks Consensus Estimate for SunPower’s sales stands at $428.7 million, indicating a 27.6% improvement from the year-ago quarter’s reported number.
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First Solar, Inc. (FSLR) : Free Stock Analysis Report
SunPower Corporation (SPWR) : Free Stock Analysis Report
Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report
SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report
