First Solar reported Q3 2024 net sales of $0.9 billion, down $0.1 billion QoQ, with net income per diluted share of $2.91, compared to $3.25 in Q2. The decline was primarily attributed to decreased MW sales volume and a $50 million product warranty reserve charge, partially offset by termination payments from U.S. and India customers. Net cash balance decreased to $0.7 billion from $1.2 billion QoQ due to capital expenditures for new factories.The company revised its 2024 guidance, lowering net sales expectations to $4.10B-$4.25B from $4.4B-$4.6B, and adjusting EPS guidance to $13.00-$13.50 from $13.00-$14.00. Volume sold forecast was reduced to 14.2-14.6GW from 15.6-16.3GW, while capital expenditure projections were lowered to $1.55B-$1.65B from $1.8B-$2.0B.Management remains focused on balancing growth, profitability, and liquidity amid industry volatility and political uncertainty. The company maintains a disciplined approach to navigate through the upcoming U.S. elections and ongoing solar manufacturing industry volatility, with year-to-date net bookings reaching 4.0 GW and an expected sales backlog of 73.3 GW.

First Solar reported Q3 2024 net sales of $0.9 billion, down $0.1 billion QoQ, with net income per diluted share of $2.91, compared to $3.25 in Q2. The decline was primarily attributed to decreased MW sales volume and a $50 million product warranty reserve charge, partially offset by termination payments from U.S. and India customers. Net cash balance decreased to $0.7 billion from $1.2 billion QoQ due to capital expenditures for new factories.The company revised its 2024 guidance, lowering net sales expectations to $4.10B-$4.25B from $4.4B-$4.6B, and adjusting EPS guidance to $13.00-$13.50 from $13.00-$14.00. Volume sold forecast was reduced to 14.2-14.6GW from 15.6-16.3GW, while capital expenditure projections were lowered to $1.55B-$1.65B from $1.8B-$2.0B.Management remains focused on balancing growth, profitability, and liquidity amid industry volatility and political uncertainty. The company maintains a disciplined approach to navigate through the upcoming U.S. elections and ongoing solar manufacturing industry volatility, with year-to-date net bookings reaching 4.0 GW and an expected sales backlog of 73.3 GW.