First Solar, Inc. reported its financial results for the third quarter ending September 30, 2024, on October 29, 2024. The company announced a net sales decrease to $0.9 billion from the previous quarter, primarily due to lower MW volume sold and a $50 million product warranty reserve charge, despite some offset from termination payments. Net income per diluted share was $2.91, down from $3.25 in the second quarter. The company's net cash balance decreased to $0.7 billion, attributed to capital expenditures for new U.S. factories and an increase in working capital. CEO Mark Widmar commented on the company's progress amidst industry volatility and political uncertainty, emphasizing a focus on growth, profitability, and liquidity. First Solar updated its 2024 guidance, reflecting adjustments in net sales, gross margin, operating expenses, operating income, earnings per diluted share, net cash balance, capital expenditures, and volume sold. The updated guidance takes into account factors related to the Inflation Reduction Act of 2022. The company held a conference call to discuss the results and has made a webcast available for investors.

First Solar, Inc. reported its financial results for the third quarter ending September 30, 2024, on October 29, 2024. The company announced a net sales decrease to $0.9 billion from the previous quarter, primarily due to lower MW volume sold and a $50 million product warranty reserve charge, despite some offset from termination payments. Net income per diluted share was $2.91, down from $3.25 in the second quarter. The company's net cash balance decreased to $0.7 billion, attributed to capital expenditures for new U.S. factories and an increase in working capital. CEO Mark Widmar commented on the company's progress amidst industry volatility and political uncertainty, emphasizing a focus on growth, profitability, and liquidity. First Solar updated its 2024 guidance, reflecting adjustments in net sales, gross margin, operating expenses, operating income, earnings per diluted share, net cash balance, capital expenditures, and volume sold. The updated guidance takes into account factors related to the Inflation Reduction Act of 2022. The company held a conference call to discuss the results and has made a webcast available for investors.