Q2 2024 First Solar Inc Earnings Call Transcript
Key Points
- First Solar Inc (FSLR) reported strong financial performance with second-quarter earnings per diluted share of $3.25.
- The company secured a net 0.9 gigawatts of bookings since the last earnings call, bringing the year-to-date net bookings to 3.6 gigawatts.
- First Solar Inc (FSLR) established a new world record CdTe research cell with a conversion efficiency of 23.1%.
- The expansion of the Ohio manufacturing footprint has been completed, increasing the manufacturing capacity to nearly 7 gigawatts.
- The company maintains a robust contracted backlog of 75.9 gigawatts, with orders stretching through 2030.
- A 0.4 gigawatt de-booking occurred due to a termination for convenience by a European customer.
- The solar industry faces increasing external uncertainties, particularly related to policy, supply conditions, and strategic direction evaluations by large multinational companies.
- There are concerns about the potential impact of the upcoming US election on the policy environment, which could affect investment decisions and project returns.
- The global solar market is experiencing irrational oversupply driven by China's ambitions, leading to unsustainable market conditions.
- Some multinational oil and gas and power utility companies are considering pivots from renewable project development back to fossil projects, which could impact First Solar Inc (FSLR)'s future bookings.
Good afternoon, everyone, and welcome to First Solar's second-quarter 2024 earnings call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. (Operator Instructions) As a reminder, today's call is being recorded.
I would now like to turn the call over to Richard Romero from First Solar Investor Relations. Richard, you may begin.
Good afternoon, and thank you for joining us. Today, the company issued a press release announcing its second-quarter 2024 financial results. A copy of the press release and associated presentation are available on First Solar's website at investor.firstsolar.com.
With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will provide business, strategy, technology, and policy updates. Alex will discuss our bookings, pipeline, quarterly financial results, and provide updated guidance. Following their remarks, we will open the call to questions.
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