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Wednesday
30 Oct 2024

First Solar Lowers Annual Sales Forecast, Posts Rise in Q3 Profit

30 Oct 2024  by Reuters   
U.S. solar panel maker First Solar lowered its sales forecast for the current year on Tuesday, even after reporting a rise in third-quarter profit helped by higher prices following additional tariffs on foreign-made panels.

Shares were down 6.9% at $185.99 in after-market trade.

Residential installations have fallen sharply this year, and utility-scale projects face challenges including long waits to connect to the grid and a shortage of skilled labor.

The company lowered its full-year 2024 sales forecast to between $4.10 billion and $4.25 billion, from its previous expectation of between $4.4 billion to $4.6 billion.

The company reported a sequential decline in quarterly sales, hurt by a decrease in the volume of megawatt (MW) sold.

However, the company reported a 16.6% rise in net profit for the quarter ended Sept. 30, at $313 million, or $2.91 per share, compared with a year earlier.

The Biden administration imposed new tariffs on foreign-made solar modules in May, benefiting U.S. companies like First Solar that produce domestically.

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