First Solar’s (FSLR) shares climbed 5% in after-hours trading Tuesday following the release of the company’s FQ4 earnings, which topped analyst expectations.
The solar energy firm posted earnings per share (EPS of $3.25 in the quarter, beating the consensus estimate of $3.15. However, revenue came in at $1.16 billion, short of the anticipated $1.31 billion.
Looking ahead, First Solar (NASDAQ:FSLR) has set its full-year 2024 earnings guidance to range between $13.00 and $14.00 per share, slightly below the analyst consensus of $13.33.
The company also projects its 2024 revenue to be between $4.4 billion and $4.6 billion, compared to the $4.56 billion anticipated by analysts.
Its gross margin for the year is estimated to range from $2.0 billion to $2.1 billion.
“Few years have been as consequential to our long-term growth strategy as 2023,” said Mark Widmar, CEO of First Solar.
“Over the past year, we scaled manufacturing capacity, mobilized at our latest announced facility in Louisiana, produced and shipped a record volume of modules, expanded our contracted backlog to historic levels, increased R&D investment, and continued to evolve our technology and product roadmap,” he added.