Sector: Technology|Industry: Solar|Market Cap: $19.96B|Employees: 6.7K
First Solar is a leading American solar technology company and global provider of photovoltaic (PV) solar energy solutions. They manufacture and sell PV solar modules using an advanced thin film semiconductor technology, offering a high-performance, lower-carbon alternative to conventional crystalline silicon PV solar modules. First Solar is the world's largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere, with facilities in the United States, Malaysia, Vietnam, and India.
Net sales increased by 45% to $794.1 million compared to $548.3 million in the same period last year. This growth is attributed to a 39% increase in module volume sold and a 6% increase in the average selling price per watt.
Gross profit margin increased to 43.6% from 20.4% year-over-year. This improvement is primarily due to the recognition of the advanced manufacturing production credit under Section 45X of the IRC, reductions in sales freight costs, and a higher average selling price per watt.
Operating income increased significantly, reaching $243.141 million compared to $18.002 million in the same period last year, driven by both revenue growth and margin expansion. This demonstrates improved profitability from core operations.