First Solar, a leading solar panel manufacturer, saw its stock soar 5.11% in pre-market trading on Wednesday. This surge came after the company reported impressive financial results for 2024 and provided an optimistic outlook for 2025.
The company's strong performance can be attributed to several factors highlighted in its latest earnings report:
- First Solar achieved record net sales of $4.2 billion in 2024, representing a 27% year-over-year increase.
- The company sold a record 14.1 gigawatts of solar modules in 2024, reflecting robust demand for its products.
- First Solar exited 2024 with approximately 21 gigawatts of global manufacturing capacity, an increase of over 4 gigawatts from the previous year.
- The company's contracted backlog totaled an impressive 68.5 gigawatts, with an average selling price of $0.30 per watt.
Looking ahead, First Solar provided an encouraging guidance for 2025, projecting net sales between $5.3 billion and $5.8 billion and earnings per diluted share in the range of $17 to $20. Additionally, the company expects to produce between 18 and 19 gigawatts of solar modules in 2025, further solidifying its position as a leading player in the renewable energy industry.