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

Solar Panel Installation

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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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