First Solar Maintains 2024 Guidance Despite Decline in Q2 Bookings

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U.S. solar module manufacturer First Solar has maintained its 2024 volume and revenue guidance despite a decline in quarterly bookings. The company expects to sell between 15.6 GW and 16.3 GW and generate revenue of $4.4 billion to $4.6 billion in 2024, in line with its previous guidance.

Second-quarter bookings fell 90% year-over-year to 0.9 GW. Compared to 21.1 GW in bookings during the same quarter last year, 2023 saw a reduction to 3.6 GW.

Solar module production reached 3.7 GW for the quarter, compared to 2.8 GW during the same period in 2023 when Series 7 modules were launched. First Solar produced 2.5 GW of Series 6 modules and 1.2 GW of Series 7 modules in the quarter.

The company also announced the completion of its Ohio plant expansion, with commercial shipments beginning at the end of the second quarter. This expansion increases Ohio’s manufacturing capacity from nearly 1 GW/yr to almost 7 GW/yr.

First Solar continues to expect its 3.5 GW/yr Alabama plant to come online in Q3 2024, while the 3.5 GW/yr Louisiana plant is set to start production in the second half of 2025.

These expansions are part of First Solar’s long-term plan to grow global production capacity to 21 GW/yr by the end of 2024 and 25 GW/yr by the end of 2026. U.S. capacity is projected to reach 14.1 GW/yr as a result of these expansions.

The company still anticipates launching its copper replacement technology in Q4, which aims to reduce copper doping and, consequently, the long-term degradation rate of its modules.

Total bookings fell slightly to 75.9 GW from 77.8 GW the previous year, with the company noting it is maintaining its order book through 2030.

Second-quarter profit rose to $350 million, up from $171 million in the same period last year, as revenue grew nearly 25% to $1 billion.

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