First Solar's Q2 Profit Doubles Due to Increased Module Shipments

02 Aug 2024 CW Team

The company's quarterly net sales climbed to $1.01 billion, marking a 24.6 per cent increase from $810.7 million in the same period of 2023, reflecting a rise in module shipments.

Operating expenses saw a modest decrease of 11 per cent, falling from $142 million last year to $126.4 million, which positively impacted the company?s profitability. This reduction was primarily due to lower litigation-related expenses.

Gross margin also showed improvement, with gross profit rising by 60.7 per cent to $498.9 million for the quarter, compared to $310.4 million the previous year. This increase in profitability was driven by reduced costs in warehousing, logistics, and production.

As of now, the company?s year-to-date net bookings stand at 3.6 GW, and the total contracted backlog is at 75.9 GW, with orders extending through 2030.

During a post-earnings call with analysts, CEO Mark Widmar expressed concerns about the uncertain policy environment facing the solar industry with the upcoming November election. He noted that this uncertainty is impacting access to capital and project development decisions.

Widmar observed that as the second quarter progressed, the effects of this uncertainty became more evident, with increasing constraints on access to capital for both emerging solar technology companies and established firms aiming to expand domestic manufacturing. He mentioned that financing parties are delaying investment decisions until there is more clarity on the policy landscape.

Widmar also raised concerns about potential changes to the Inflation Reduction Act and related policies if Republicans gain control of the presidency and Congress or through executive actions by a new administration. He pointed out that this uncertainty is leading some developers to reconsider renewable projects in favour of fossil fuel alternatives.

US-based First Solar reported a significant increase in its net income for the second quarter of 2024, which rose by 104.8 per cent to reach $349.4 million, up from $170.6 million the previous year. This growth was attributed mainly to higher module sales and improved pricing. The company's quarterly net sales climbed to $1.01 billion, marking a 24.6 per cent increase from $810.7 million in the same period of 2023, reflecting a rise in module shipments. Operating expenses saw a modest decrease of 11 per cent, falling from $142 million last year to $126.4 million, which positively impacted the company?s profitability. This reduction was primarily due to lower litigation-related expenses. Gross margin also showed improvement, with gross profit rising by 60.7 per cent to $498.9 million for the quarter, compared to $310.4 million the previous year. This increase in profitability was driven by reduced costs in warehousing, logistics, and production. As of now, the company?s year-to-date net bookings stand at 3.6 GW, and the total contracted backlog is at 75.9 GW, with orders extending through 2030. During a post-earnings call with analysts, CEO Mark Widmar expressed concerns about the uncertain policy environment facing the solar industry with the upcoming November election. He noted that this uncertainty is impacting access to capital and project development decisions. Widmar observed that as the second quarter progressed, the effects of this uncertainty became more evident, with increasing constraints on access to capital for both emerging solar technology companies and established firms aiming to expand domestic manufacturing. He mentioned that financing parties are delaying investment decisions until there is more clarity on the policy landscape. Widmar also raised concerns about potential changes to the Inflation Reduction Act and related policies if Republicans gain control of the presidency and Congress or through executive actions by a new administration. He pointed out that this uncertainty is leading some developers to reconsider renewable projects in favour of fossil fuel alternatives.

Infrastructure Urban

09 Apr 2026

Mineral Auction Rules Amended To Speed Mine Operationalisation

The Ministry of Mines notified the Mineral (Auction) Second Amendment Rules, 2026 on 30 March 2026 to accelerate operationalisation of mines and improve ease of doing business in the mining sector. The amendment follows a prior change to the Mineral (Auction) Rules, 2015 effected on 17 October 2025 that introduced intermediary timelines between issuance of a letter of intent (LoI) and execution of the mining lease. The 2025 change provided that one per cent of performance security would be appropriated for each month of delay by the preferred bidder and introduced incentives for early operatio..

Infrastructure Transport

09 Apr 2026

Indian Railways Strengthens Telecom And AI Safety Systems

Indian Railways strengthened its telecom and digital infrastructure during 2025-26 with the aim of improving safety, operational efficiency and the passenger experience. The programme promoted modernisation through advanced technologies, robust communication systems and passenger-centric solutions. These measures were presented as part of a drive to build a digitally integrated rail ecosystem. A key development was the enhancement of the Internet Protocol Multi-Protocol Label Switching (IP MPLS) backbone, commissioned at 1,396 stations to meet bandwidth needs of mission-critical applications. ..

Infrastructure Transport

09 Apr 2026

NHAI Holds Workshop on Litigation Management and Coordination

The National Highways Authority of India (NHAI) organised a day-long workshop in New Delhi to strengthen capacity and interdepartmental synergy for faster execution of national highway projects. The event was held under Mission Karmayogi – Sadhana Saptah, an initiative of the Government of India to enhance governance through capacity building and improved processes. The workshop focused on structured and solution oriented deliberations to address implementation constraints. The session was chaired by the NHAI chairman Santosh Kumar Yadav and brought together senior officials from NHAI, the M..