First Solar, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting net sales of $844.6 million. While this represented a 6.4% increase year-over-year, it was a decrease of $0.7 billion from the prior quarter, primarily due to an anticipated seasonal reduction in module volume sold.
The company's diluted earnings per share for Q1 2025 came in at $1.95, falling below the prior forecast of $2.20 to $2.70 and significantly lower than $3.65 in Q4 2024. Cash, cash equivalents, and marketable securities, less debt, decreased to $0.4 billion at the end of the first quarter from $1.2 billion at year-end 2024, driven by capital expenditures for the Louisiana manufacturing facility and reduced operating cash flows.
First Solar also issued a revised full-year 2025 guidance, significantly lowering its outlook to reflect the expected impact of new tariffs implemented in April 2025. Net sales are now projected between $4.5 billion and $5.5 billion, down from the previous range of $5.3 billion to $5.8 billion. Diluted EPS guidance was cut to $12.50 to $17.50, from the earlier $17.00 to $20.00.
CEO Mark Widmar stated that while the new tariff regime presents near-term challenges, the long-term outlook for solar demand in the U.S. remains strong, and First Solar is well-positioned to serve this demand. The company is strategically adjusting its operations, including pivoting India manufacturing towards the domestic market and evaluating production volumes in Malaysia and Vietnam, to mitigate tariff exposure.
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