FSLR - First Solar: Emerging As A Leader By Playing The Long Game

2024-05-20 10:40:48 ET

Summary

• First Solar beat expectations in 1Q24 due to strength in pricing, while volumes were in-line.
• The 2024 guidance was reiterated, although capital expenditure guidance was increased and net cash guidance lowered.
• First Solar remains committed to investing in innovation and continues to make good progress on the manufacturing and R&D front.
• The company is not spared from the industry-wide issues, including project delays.
• That said, the company's strong contracted backlog extending through 2026 enables it to be in a relative position of strength in the solar industry.

First Solar ( FSLR ) recently reported 1Q24 results.

1Q24 results came in better than expected while 2024 guidance was reiterated.

There are some challenges that First Solar is facing, which are largely due to the current industry challenges.

That said, like most other utility solar peers, First Solar is guiding for an acceleration into the second half of the year, and one that is more 4Q weighted.

I'll first dive into the 1Q24 results and guidance, before talking about competitive dynamics, manufacturing and R&D progress and some near-term challenges faced....

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