First Solar (NASDAQ:FSLR), Inc. delivered strong Q3 2023 results, surpassing the Zacks Consensus Estimate with earnings of $2.50 per share. The company reported net sales of $801.1 million and a gross profit of $376.2 million for the quarter.
The solar panel manufacturer saw its operating income rise to $272.9 million, driven by increased research and development (R&D) and selling, general, and administrative (SG&A) expenses. The company's balance sheet remained robust with cash and equivalents amounting to $1,492.9 million, while long-term debt stood at $464 million.
Looking ahead to the remainder of the year, First Solar revised its 2023 guidance upwards. The company now anticipates earnings between $7.20 and $8 per share, sales in the range of $3.4 to $3.6 billion, gross profit between $1.2 and $1.3 billion, operating income from $745 to $870 million, and shipments of 11.8 to 12.3 gigawatts.
In comparison to its peers in the renewable energy sector, First Solar's performance was noteworthy. Enphase Energy (NASDAQ:ENPH) reported Q3 earnings of $1.02 per share on revenues of $551.1 million. JinkoSolar (NYSE:JKS) posted Q3 earnings of $2.59 per American Depositary Share (ADS) on revenues of a significant $4,363.2 million.
Meanwhile, SolarEdge (NASDAQ:SEDG)'s Q3 sales are projected to grow by 13.9% with an earnings estimate set at 70 cents per share.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.