FIRST SOLAR Reports Second Quarter Earnings Results for FY2023

🌥️Earnings Overview

On July 27 2023, FIRST SOLAR ($NASDAQ:FSLR) released its fiscal second quarter results for FY2023, ending June 30 2023. The company experienced a 30.6% year-over-year growth in total revenue, amounting to a total of USD 810.7 million. Additionally, the company reported net income of USD 170.6 million, which is substantially higher than the USD 55.8 million reported in the prior year.

Market Price

The stock opened at $199.5 and closed at $198.8, up by 0.7% from last closing price of 197.4. This surge in stock prices demonstrated investor confidence in the solar energy provider. Given these positive developments, analysts expect FIRST SOLAR’s stock to continue to rise in the coming months. The company has established itself as a leader in the solar energy industry and is well positioned to capitalize on the growing demand for renewable energy sources. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for First Solar. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for First Solar. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for First Solar. More…

Key Ratios Snapshot

Some of the financial key ratios for First Solar are shown below. More…

Analysis

At GoodWhale, we have conducted a comprehensive analysis of FIRST SOLAR‘s financials to provide our clients with a comprehensive risk rating. The analysis has revealed that FIRST SOLAR is a high risk investment in terms of financial and business aspects. While conducting the analysis, we have detected 4 risk warnings in its income sheet, balance sheet, cashflow statement, and financial journal. If you would like to get a deeper understanding of the risks associated with investing in FIRST SOLAR, then we invite you to register with us and check out our full analysis. Our team of experienced investment professionals can provide you with an in-depth look at the financial performance and risk profile of FIRST SOLAR. More…

Peers

First Solar Inc is one of the world’s leading solar panel manufacturers. The company has a strong market presence in Asia, Europe, and the United States. First Solar’s main competitors are JA Solar Technology Co Ltd, Solar Philippines Nueva Ecija Corp, and Folkup Development Inc.

– JA Solar Technology Co Ltd ($SZSE:002459)

JinkoSolar Holding Co., Ltd. engages in the business of solar power products, services, and system solutions. It operates through the following segments: Module Products, Generating Systems, and Others. The Module Products segment designs, develops, manufactures, and sells solar modules. The Generating Systems segment provides solar generating systems that are connected to the power grid and generate electricity. The Others segment comprises of silicon wafers, solar cells, and other products. JinkoSolar was founded on September 28, 2006 and is headquartered in Shanghai, China.

– Solar Philippines Nueva Ecija Corp ($PSE:SPNEC)

Solar Philippines Nueva Ecija Corp is a solar power company that develops, builds, owns, and operates solar power plants in the Philippines. The company has a market capitalization of 11.9 billion as of 2022 and a return on equity of -3.62%. Solar Philippines Nueva Ecija Corp is engaged in the business of developing, constructing, owning, and operating solar power plants.

– Folkup Development Inc ($OTCPK:FLDI)

Folkup Development Inc has a market cap of 49M as of 2022, a Return on Equity of 40.0%. The company is engaged in the business of developing software applications. It has a strong focus on delivering high quality products and services to its clients. The company’s products are used by major corporations around the world. Folkup Development Inc has a strong reputation for delivering innovative and reliable software solutions.

Summary

Investors of FIRST SOLAR can be pleased with the company’s second quarter results of FY2023. Total revenue increased by 30.6% year-over-year to USD 810.7 million, and net income was USD 170.6 million, a significant jump from the prior year of USD 55.8 million. FIRST SOLAR’s strong financial performance could be a sign of future growth potential and a good indicator for investors looking to increase their exposure to the company.