First Solar Inc (XSWX:FSLR)

CHF 62.96 (0%) Market Cap: 8.61 Bil Enterprise Value: 8.41 Bil PE Ratio: 15.16 PB Ratio: 2.34 GF Score: 89/100

Q3 2024 First Solar Inc Earnings Call Transcript

Oct 29, 2024 / 08:30PM GMT

Transcript 10-Q8-K

Key Points

Positve

First Solar Inc (FSLR) achieved a record quarterly production of 3.8 gigawatts, demonstrating strong manufacturing capabilities.
The company inaugurated a new $1.1 billion Alabama facility, adding 3.5 gigawatts of solar manufacturing capacity, with plans for further expansion in Louisiana.
First Solar Inc (FSLR) has a robust contracted backlog of 73.3 gigawatts, providing long-term revenue visibility.
The company is launching CuRe production, aiming to enhance its technology offerings and capture additional revenue through contractual adjusters.
First Solar Inc (FSLR) was recognized by MIT Technology Review and Time Magazine for its leadership in solar technology and innovation.

Negative

First Solar Inc (FSLR) faced a $50 million product warranty charge due to manufacturing issues with its Series 7 product.
The company experienced operational challenges, including hurricanes and logistical disruptions, impacting financial performance.
There is ongoing pressure from Chinese dumping in the Indian market, leading to depressed ASPs and strategic shifts in production.
First Solar Inc (FSLR) had to terminate a contract with Plug Power due to project delays, impacting its bookings.
The company is facing intellectual property challenges within the solar manufacturing sector, particularly related to TOPCon patents.

Operator

Good afternoon, everyone, and welcome to First Solar's third-quarter 2024 earnings call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. (Operator Instructions)

As a reminder, today's call is being recorded. I would now like to turn the call over to First Solar Investor Relations. You may begin.

Richard Romero

First Solar Inc - Investor Relations

Good afternoon, and thank you for joining us. Today, the company issued a press release announcing its third-quarter 2024 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.

With us today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will provide a business and technology update, Alex will discuss our bookings pipeline, quarterly financial results, and provide updated guidance. Following the remarks, we will open the call to questions.

Please note, this call will include forward-looking statements

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