First Solar swings to quarterly profit, forecasts higher sales in 2024 - Yahoo Finance
First Solar posts fourth-quarter profit on sustained renewable demand
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(Reuters) - First Solar on Tuesday reported a fourth-quarter profit compared to a year-ago loss, as the solar panel maker was helped by resilient demand for renewable energy.
Solar module supply in the United States has remained comparatively isolated from the oversupply witnessed globally due to tariffs limiting imports from China, which has expanded its manufacturing capacity across the solar supply chain.
The company's net sales rose by about 20% to $1.2 billion in the fourth quarter from a year earlier.
The company reported a net profit of $349 million, or $3.25 per share, for the three months ended Dec. 31 compared with a loss of $7.5 million, or 7 cents per share, in the previous year.
First Solar forecast 2024 net sales in the range of $4.4 billion to $4.6 billion and expects sales volumes for the year to be between 15.6 gigawatt and 16.3 GW.
(Reporting by Saikeerthi and Sourasis Bose in Bengaluru; Editing by Maju Samuel)
Related Knowledge Center: ENERGY BASICS: solar
Declining costs and government encouragement have resulted in a rapid increase in solar energy production in the United States over the past 10 years, although solar’s share remains small: 1.6 percent of all electricity generation in 2018. That rapid growth is projected to continue.