First Solar Reports Smaller-Than-Expected Loss, Upbeat Guidance

The solar panel maker reported a smaller-than-expected fourth-quarter loss and issued upbeat 2023 guidance

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Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published March 01, 2023
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First Solar (FSLR) is the best-performing stock in the S&P 500 after the solar panel maker posted a much smaller loss than expected and gave upbeat full-year guidance.

First Solar reported a fourth quarter loss of $0.07 per share, less than half what analysts had anticipated. Revenue soared 59.4% to $1 billion, in line with estimates.

CEO Mark Widmar said the company finished 2022 with “record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities.” He added First Solar is entering its fiscal year “in a significantly stronger commercial, operational, and financial condition.”

A Strong Outlook

The company predicts 2023 sales will be in a range of $3.4 billion to $3.6 billion, with earnings per share (EPS) of $7 to $8. Both were above forecasts. One reason for the strong outlook is First Solar anticipates receiving $660 million to $710 million in tax credits through the Inflation Reduction Act of 2022.

Shares of First Solar are soaring 16%. They are up over 30% so far this year.

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  1. First Solar Inc. "First Solar Announces Fourth Quarter and Full Year 2022 Financial Results and 2023 Guidance."

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