First Solar Q3 earns $2.91/sh; cuts FY2024 net sales guidance to $4.1-4.25B, volume to 14.2-14.6GW

FIRST SOLAR, INC.

2024-Q3 EPS reported $8.36 revenue$2,692,258,000

Net sales $0.9B, down from prior quarter; net diluted EPS $2.91 vs $3.25 Q2, impacted by $50M product warranty reserve charge.
Net cash balance fell to $0.7B from $1.2B, driven by capex for new US factories in Alabama and Louisiana and working capital.
FY2024 guidance cut: net sales $4.1-4.25B (from $4.4-4.6B), volume sold 14.2-14.6GW (from 15.6-16.3GW).
YTD net bookings total 4.0 GW; expected sales backlog stands at 73.3 GW.
CEO cites industry volatility and political uncertainty ahead of US elections as key headwinds.

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