First Solar Inc (FSLR) Q2 2024 Earnings Report

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First Solar Inc

FSLR

$257.61 0.13%

Exchange: NASDAQ | Sector: Energy | Industry: Solar

Q2 2024

Published: Jul 30, 2024

Earnings Highlights

Revenue of $1.01B up 24.7% year-over-year
EPS of $3.25 increased by 103.8% from previous year
Gross margin of 49.0%
Net income of 349.36M
""...our net bookings year-to-date stand at **3.6 gigawatts**, which reflects our disciplined approach to market dynamics," - Mark Widmar" - Mark Widmar

FSLR

First Solar Inc

Period Q2 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

In Q2 2024, First Solar Inc (FSLR) delivered a robust financial performance with net sales reaching $1.01 billion, a 27.25% increase from Q1 2024. Key drivers included a 24% increase in megawatt sales and favorable tax credits. The company achieved a gross profit margin of 49% and an EPS of $3.25, reflecting a net income of $349.36 million, marking a 104.81% increase year-over-year. Management emphasized the completion of their Ohio manufacturing expansion and an established record for CadTel research cell efficiency, positioning First Solar favorably despite prevailing external uncertainties related to policy and supply chain dynamics. This report synthesizes financial data and insights from the earnings call to outline the company's strategic positioning and investment potential.

Key Performance Indicators

Revenue

Increasing

1.01B

QoQ: 27.25% | YoY: 24.65%

Gross Profit

Increasing

495.30M

49.02% margin

QoQ: 43.63% | YoY: 59.56%

Operating Income

Increasing

400.74M

QoQ: 56.36% | YoY: 137.81%

Net Income

Increasing

349.36M

QoQ: 47.65% | YoY: 104.81%

EPS

Increasing

3.26

QoQ: 47.51% | YoY: 103.75%

Revenue Trend

Margin Analysis

Financial Highlights

Financial Performance:
- Revenue: $1.01 billion (YoY +24.65%, QoQ +27.25%)
- Gross Profit: $495.30 million (Gross Margin: 49%)
- Operating Income: $400.74 million (Operating Margin: 39.66%)
- Net Income: $349.36 million (Net Margin: 34.57%)
- EPS: $3.25 (YoY +103.75%, QoQ +47.51%)

Cash Flow and Balance Sheet:
- Cash Balance: $1.8 billion (Net cash after debt $1.2 billion)
- Total Debt: $559 million (decreased from $620 million)
- Operating Cash Flow: $193 million
- Capital Expenditures: $365 million
- Free Cash Flow: Negative at -$172 million, influenced by ongoing capital investments for new facilities.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	1.01B	24.65%	27.25%
Gross Profit	495.30M	59.56%	43.63%
Operating Income	400.74M	137.81%	56.36%
Net Income	349.36M	104.81%	47.65%
EPS	3.26	103.75%	47.51%

Key Financial Ratios

Gross Profit Margin

Good

49.00%

Gross profit margin is healthy and competitive within industry standards

Operating Profit Margin

Excellent

39.70%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

34.60%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Fair

3.17%

Return on assets is acceptable but below top-tier companies

Return on Equity

Weak

4.82%

Return on equity suggests inefficient capital allocation

Current Ratio

Healthy

2.23

Current ratio shows adequate liquidity to meet short-term obligations

Debt to Equity

Conservative

0.09

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Fair Value

17.06x

P/E ratio in line with market averages

Price to Book

Premium

3.29x

Trading at premium to book value, reflects strong intangibles or growth

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q1 2025	844.57	1.95	+6.4%	View
Q4 2024	1,514.03	3.65	+30.7%	View
Q3 2024	887.67	2.91	+10.8%	View
Q2 2024	1,010.48	3.25	+24.7%	View
Q1 2024	794.11	2.20	+44.8%	View

First Solar Inc (FSLR) Q2 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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