First Solar Reports $349M Q4 Profit Amidst Strong U.S. Demand

29 Feb 2024 CW Team

U.S.-based solar module giant First Solar announced a remarkable turnaround in its fourth-quarter performance, reporting a net income of $349 million. This marks a significant shift from the previous year's loss of $7.5 million. The surge in profit was attributed to robust demand for its modules, particularly in the United States.

CEO Mark Widmar highlighted the company's resilience amidst industry challenges during a post-earnings conference call with analysts. Despite global oversupply and pricing volatility, First Solar remains bullish on long-term U.S. demand.

In Q4 2023, net sales soared 33% to $1.2 billion, driven by higher module volumes and average selling prices. Cost of sales dropped by approximately 30%, further bolstering bottom-line figures. However, the gross margin slightly decreased to 43% due to factors including tax credit sales and a higher mix of non-U.S. factory sales.

The company also reported a $23 million impairment charge from its investment in CubicPV, a solar-wafer technology firm. CubicPV's decision to abandon plans for a U.S. manufacturing facility due to rising construction costs and declining wafer prices triggered the impairment.

For the full year 2023, First Solar posted a net income of $831 million, a significant improvement from the $464 million loss in 2022. Net sales surged 27% to $3.3 billion, driven by increased module volumes and ASPs.

First Solar's expansion plans include ramping up manufacturing capacity to 25 GW by 2026, with a focus on U.S. operations. The company recently inaugurated a solar manufacturing facility in Tamil Nadu, India, with a capacity of 3.3 GW, adding to its existing factories in the U.S., Malaysia, and Vietnam.

In addition, First Solar entered into tax credit transfer agreements, generating significant revenue from the sale of solar modules and advanced manufacturing production tax credits. These strategic moves position First Solar for continued growth and innovation in the renewable energy sector.

Infrastructure Transport

01 Sep 2025

Indian Railways Marks New Milestone with 4.5 km Long ‘Rudrastra’ Trial

Indian Railways has successfully conducted the trial run of Asia’s longest freight train, named ‘Rudrastra’, achieving a new milestone in cargo transportation, as per news reports. The 4.5 km-long train began its trial from Ganjkhwaja railway station in Chandauli, Uttar Pradesh, and travelled to Garhwa in Jharkhand. Covering a distance of 209 km in 5 hours and 10 minutes, it maintained an average speed of 40.5 km per hour. The train was formed by combining three long-haul racks, with ..

UltraTech Launches India’s First On-Site Hybrid RTC Renewable Energy Project

UltraTech Cement has operationalised a 7.5 MW round-the-clock (RTC) hybrid renewable energy project at its Sewagram Cement Works in Gujarat. The first-of-its-kind solution combines bifacial solar modules with trackers, wind energy and battery storage, co-located on-site, to ensure uninterrupted power for cement manufacturing without grid reliance. The project was executed in collaboration with clean energy solutions provider Gentari. Installed as a behind-the-meter system, it is the country..

Patna Metro Trials Successful, Red Line Priority Corridor to Launch This Month

Patna is set to roll out its first metro rail service later this month, with successful trial runs conducted on the Red Line priority corridor, the Patna Metro Rail Corporation announced.On 7 September, a metro train completed a test run between the Patna depot and Bhootnath station. Officials said the trials involved rigorous checks of rolling stock fitness, overhead electrification (OHE), and track alignment and stability to ensure operational safety and performance.The corridor from the New Pataliputra Bus Terminal to Bhoothnath has been designated as the priority stretch and will be the fi..