Net Sales: First quarter net sales were $794 million, a decrease from the prior quarter.
Gross Margin: Gross margin for Q1 was 44%, a slight increase from 43% in the previous quarter.
Operating Income: Reported at $243 million for the first quarter.
Earnings Per Share (EPS): First quarter EPS was reported at $2.20.
Module Production: Produced a record 3.6 gigawatts of modules in Q1.
Net Cash Position: Decreased by approximately $0.2 billion to [ $0.4 ] billion.
Future Guidance
Sales and Profits: Full-year 2024 guidance remains unchanged from previous estimates.
Capital Expenditures (CapEx): Increased forecast by $0.1 billion to accelerate the CuRe conversion at Vietnam and Perrysburg facilities.
Year-End 2024 Net Cash Balance: Updated guidance of $600 million to $900 million, considering customer schedule shifts, a potential sale of a U.S. project development portfolio, a strategic approach to new bookings, and higher CapEx.
Earnings Cadence: Forecasted earnings per diluted share profile is approximately 35% to 40% in the first half of the year and 60% to 65% in the second half of the year.
Bookings and Pipeline: Contracted backlog totaled 78.3 gigawatts with an aggregate value of $23.4 billion.
Trends, Market Conditions, Sentiment
Technology and Innovation: Focused on the future with investments in Series 7 module, R&D innovation center, and perovskite development line.
Chinese Market Volatility: Acknowledged current industry challenges, including overcapacity and price volatility driven by Chinese manufacturers.
Policy and Trade Challenges: Emphasis on fair competition in the face of Chinese solar business models and market-dominating strategies.
Manufacturing Efficiencies: Aim to maintain near nameplate capacity operations amid industry overcapacity.
Sustainability and Differentiation: Continues the push towards sustainable growth and technological differentiation to navigate industry volatility.
Solar Manufacturing Coalition: Joined with other companies to address unfair trade practices through antidumping and countervailing petitions.
Notable Quotes
”We are pleased with our start to 2024 with good operating performance, selective year-to-date bookings… and solid financial performance."
"Our ability to play this long game is a direct result of our differentiated technology and business model."
"The expansion of our Perrysburg, Ohio manufacturing footprint is expected to be completed, and commercial shipments are expected to begin before the end of the second quarter."
"We’re increasing our capital expenditures forecast by $0.1 billion with the intention of accelerating the CuRe conversion at our Vietnam facilities as well as at our third Perrysburg facility."
"The administration’s leadership in tackling this wide-ranging issue is remarkable."
"While we are not the only American solar manufacturer…we’re the only one at scale to remain today.”
