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First Solar (FSLR) stock reached an all-time high of $281 this week following its Q3 earnings report on October 26, 2023. The stock has experienced a 20% increase over the past month and 50% year-to-date, with an impressive five-year growth rate of 200%.
In Q3, First Solar reported sales of $1.59 billion, an 80% increase from $887.67 million a year ago, although it slightly missed earnings expectations with a quarterly EPS of $4.24 (estimated at $4.32). The company also achieved record module shipments, totaling 5.3 gigawatts (GW), and signed 2.7 GW in new bookings. First Solar is currently holding a record backlog of 53.7 GW valued at $16.4 billion.
For the full year, First Solar has narrowed its EPS guidance to $14.00-$15.00 from $13.50-$16.50 and adjusted its revenue outlook to $4.95-$5.2 billion, reflecting a 17%-23% growth from last year. Additionally, the company’s free cash flow hit a quarterly high of $376 million, indicating positive momentum in its financial performance.
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