From CNBC: 2024-07-30 17:55:46

First Solar beat revenue and earnings expectations in the second quarter but did not change its forecast for the year due to uncertainty surrounding the U.S. presidential election. The company reported $1.01 billion in sales, a 24% increase over the same period last year, with net income more than doubling to $349.4 million. CEO Mark Widmar expressed caution about access to capital for solar companies. The potential impact of the election on tax credits is causing some investors and developers to wait before making decisions. First Solar reiterated its 2024 forecast, expecting $13.00 to $14.00 per share in earnings with $4.4 billion to $4.6 billion in revenue. However, revenue, volume sold, and net cash may be at the lower end of the guidance range due to a cancelled contract by a European power and utility company. First Solar has added 3.6 gigawatts in net bookings in 2024 and has a backlog of 75.9 gigawatts through 2030. The company remains “highly selective” in new bookings this year given the election uncertainty. Utility-scale demand for renewables is expected to continue growing regardless of the election outcome, driven by factors like data center buildouts and reshoring of manufacturing.



Read more at CNBC:: First Solar (FSLR) Q2 2024 earnings report