Action Investments Limited - First Solar Inc. (FSLR) report a loss that was lower than expected

FSLR announces better-than-anticipated financial results with a smaller loss than expected, along with optimistic projections for the future.
SHEUNG WAN, Hong Kong - April 24, 2023 - PRLog -- After FSLR reported a significantly reduced loss and provided positive guidance for the entire year, it emerged as the top-performing stock in the S&P 500 (^GSPC)

FSLR's Q4 financial report showed a loss of $0.07 per share, which is less than half of what was expected by analysts. Meanwhile, the revenue surged by 59.4% to reach $1 billion, in line with the estimated figures.

According to CEO Mark Widmar, First Solar completed 2022 with an exceptional contracted backlog, a significant pipeline of booking opportunities and a strong balance sheet that has positioned them to capitalize on emerging prospects. Additionally, he stated that FSLR is commencing its fiscal year in a significantly enhanced commercial, operational and financial position.

FSLR forecasts its sales for the year 2023 to fall between $3.4 billion and $3.6 billion, with earnings per share (EPS) expected to be between $7 and $8, both surpassing the projected figures. The company's optimistic outlook is partly attributable to its expectation of receiving $660 million to $710 million in tax credits via the Inflation Reduction Act of 2022.

FSLR's stocks are experiencing a significant surge of 16%, bringing their total gains for the year to over 30%.

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Page Updated Last on: Nov 21, 2023

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