First Solar (FSLR, Financials) shares rose 9% to $160.84 as of 1:54 p.m. GMT-5 on Wednesday, following the release of its fourth-quarter and full-year 2024 financial results.

The solar company posted an increase in revenue but missed profit expectations while issuing a strong 2025 outlook.

First Solar said net sales of $1.5 billion for the fourth quarter, up from $887.7 million in the previous quarter. Comparatively to $3.3 billion in 2023, full-year income came at $4.2 billion. While full-year profits per share came at $12.02, the corporation produced fourth-quarter earnings per diluted share of $3.65 below projections by $1.08.

Supported by operating cash flows from its module sector and sales of Section 45X tax credits, First Solar closed 2024 with a net cash position of $1.2 billion. With an average selling price of 30.5 cents per watt, excluding certain changes, the business stated 4.4 gigawatts of net bookings for the year.

With profits per diluted share forecast to range from $17 to $20, the company's 2025 projection calls for net revenues between $5.3 billion and $5.8 billion. Forecasts for capital expenditures range from $1.3 billion to $1.5 billion; the year-end net cash position is expected to be between $700 million and $1.2 billion.

First Solar increased production capacity, according to Chief Executive Officer Mark Widmar, by building a new plant in Alabama and accelerating the building of another in Louisiana. The firm also opened an Ohio research and development facility.

First Solar projects first-quarter module sales between 2.7 gigawatts and 3.0 gigawatts, with profits per diluted share ranging from $2.20 to $2.70. Under Section 45X of the Internal Revenue Code, the company's view projects tax benefits ranging from $1.65 billion to $1.7 billion.