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First Solar gains after beating expectations, setting optimistic forecast for 2023

By Liz Moyer

Investing.com -- First Solar Inc (NASDAQ:FSLR) was rising after beating fourth-quarter expectations and forecasting rosier guidance for 2023.

Shares of the solar panel company rose 3.5% in after-hours trading. They are up 12.9% so far this year. 

Fourth-quarter revenue of $1 billion was in line with estimates, while a fourth-quarter loss per share of 7 cents beat expectations for a loss of 17 cents a share. The company said net sales were driven by increased module sales and the sale of its Luz del Norte project in Chile in the quarter.

It expects 2023 revenue to reach a range of $3.4B to $3.6B and 2023 earnings per share in a range of $7 to $8. Analysts had forecast revenue of $3.36B and earnings per share of $5.22 for this year. 

“We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities,” said CEO Mark Widmar.

First Solar reported net sales of $2.6B for the full year 2022 and a per-share loss of 41 cents. Sales met expectations. Analysts had forecast a per-share loss of 74 cents for last year.

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