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.

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..