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

06 May 2026

Pune To Build Nine Km Link Road Between Highways

The Pune Municipal Corporation (PMC) has decided to appoint an expert to plan the development of a nine km long, 60 metre wide road from Khadi Machine chowk to Wadki chowk as an extension to the Katraj-Kondhwa road to link the Mumbai-Satara and Pune-Solapur national highways. The scheme is intended to divert heavy vehicle traffic away from the city and improve access between the two arterial routes. The project has been prioritised by the PMC and forms part of a larger set of schemes in which 19 roads have been identified for development at a combined cost of Rs 9.82 billion (bn) to address c..

Barabanki Bahraich Six Lane Highway Approved in Uttar Pradesh

The Uttar Pradesh government has approved construction of a new six-lane highway linking Barabanki and Bahraich as part of National Highway 927, and the cabinet has cleared the project. The alignment will pass through Mustafabad and Kaiserganj and extend for about 101.5 km, creating a key corridor for local and long-distance movement. The National Highways Authority of India will oversee the work and has signalled the scheme is intended to strengthen regional connectivity and cross-border access to Nepal. The project carries an estimated total cost of Rs 69,690 million, equivalent to Rs 69.69..

Toll At Kharegaon Likely As Highway Upgrade Nears Completion

A section of the highway at Kharegaon has undergone an upgrade and is approaching completion, and authorities have indicated plans for a toll to be introduced once works finish. The project has focused on strengthening the carriageway, improving drainage and upgrading intersections to enhance safety and capacity. Officials have said the toll will be used to recover construction costs and fund ongoing maintenance. The upgrade included resurfacing of the pavement, widening of certain stretches and installation of modern signage and lighting to reduce accident risk. Contractors completed most ma..