Summary by Moomoo AI
First Solar, Inc. reported its financial results for the first quarter of 2024 on May 1, 2024. The company announced a decrease in net sales to $794 million from the previous quarter, attributed to a seasonal reduction in module sales volume. Net income per diluted share was $2.20, down from $3.25 in the fourth quarter of 2023. The company's net cash balance decreased to $1.4 billion due to capital expenditures for manufacturing capacity expansions. Despite the quarterly decrease, CEO Mark Widmar expressed satisfaction with the company's performance, citing good operating performance and solid financial results. First Solar maintained its full-year 2024 profit and loss guidance, with unchanged projections for net sales, gross margin, operating expenses, operating income, and earnings per diluted share. The company updated its net cash balance guidance to $600 million to $900 million and increased its capital expenditure forecast to $1.8 billion to $2.0 billion. The company also reported year-to-date net bookings of 2.7 gigawatts with an average selling price of 31.3 cents per watt and an expected sales backlog of 78.3 gigawatts.