First Solar Reports Smaller-Than-Expected Loss, Upbeat Guidance

First Photo voltaic (FSLR) is the best-performing inventory within the S&P 500 after the photo voltaic panel maker posted a a lot smaller loss than anticipated and gave upbeat full-year steering.

First Photo voltaic reported a fourth quarter lack of $0.07 per share, lower than half what analysts had anticipated. Income soared 59.4% to $1 billion, consistent with estimates.

CEO Mark Widmar mentioned the corporate completed 2022 with “report contracted backlog, a major pipeline of bookings alternatives, and a robust stability sheet inserting us ready to reply to rising alternatives.” He added First Photo voltaic is getting into its fiscal 12 months “in a considerably stronger industrial, operational, and monetary situation.”

A Robust Outlook

The corporate predicts 2023 gross sales will probably be in a variety of $3.4 billion to $3.6 billion, with earnings per share (EPS) of $7 to $8. Each had been above forecasts. One purpose for the sturdy outlook is First Photo voltaic anticipates receiving $660 million to $710 million in tax credit by the Inflation Discount Act of 2022.

Shares of First Photo voltaic are hovering 16%. They’re up over 30% thus far this 12 months.