FSLR - First Solar to invest $1.1B in new U.S. factory; posts strong Q2 earnings beat

July, 27 2023 04:29 PM First Solar Inc.

2023-07-27 16:29:57 ET

First Solar ( NASDAQ: FSLR ) +5.9% post-market Thursday after unveiling plans to build a fifth manufacturing facility at an undetermined site in the U.S., investing as much as $1.1B to further expand U.S. capacity to produce its own photovoltaic solar modules.
First Solar ( FSLR ) said the fully vertically integrated facility would raise the company's nameplate manufacturing capacity by 3.5 GW to reach ~14 GW in the U.S. and 25 GW globally by 2026.
The new factory would produce First Solar's ( FSLR ) Series 7 modules, which are expected to be manufactured with 100% U.S.-made components identified in the current domestic content guidance issued by the U.S. Treasury Department.
First Solar ( FSLR ) also reported Q2 earnings that easily beat analyst estimates, while revenues rose 30% Y/Y to $811M.
The company said the strong showing was driven by an increase in the volume of modules sold, including the commencement of sales of Series 7 modules, and an increase in the average selling price of its modules.
First Solar ( FSLR ) reiterated full-year guidance for net sales of $3.4B-$3.6B, gross margin of $1.2B-$1.3B, and volume sold of 11.8-12.3 GW.

For further details see: