First Solar reported fourth-quarter results late Tuesday that beat earnings estimates and matched on revenue, helped by a record backlog of orders and a strong balance sheet. FSLR stock climbed on the news.
The solar power company reported an adjusted loss of 7 cents a share on revenue of $1 billion. Analysts expected First Solar to report an adjusted loss of 17 cents a share on revenue of $1 billion.
FSLR stock gained 2%, near 172.30, during after-hours trading on the stock market today.
First Solar specializes in manufacturing high-efficiency, thin-film solar panels used mainly in utility-scale solar operations and some commercial installations.
First Solar expects 2023 revenue of $3.5 billion at the midpoint, topping estimates of $3.36 billion.
"We finished 2022 with a record contracted backlog, a significant pipeline of bookings opportunities, and a strong balance sheet placing us in a position to respond to emerging opportunities," Chief Executive Mark Widmar said in a written statement with the earnings release
FSLR Stock: Order From Lightsource
On Tuesday, First Solar said it received an order for four gigawatts of advanced thin-film solar modules from solar energy provider Lightsource BP.
Lightsource is a global leader in the development and management of solar energy and energy storage projects. First Solar said the agreement follows a 2021 order by Lightsource for as much as 4.3 gigawatts of its thin film modules. One gigawatt is enough energy to power about 750,000 homes.
First Solar has been a major beneficiary of the Inflation Reduction Act, signed into law by President Joe Biden in August. It provides $369 billion for expansion of renewable energy.
"We enter this year in a significantly stronger commercial, operational, and financial position, with increased R&D investment, new domestic and international capacity coming online, and a new Series 7 product," said CEO Widmar.
FSLR stock is trading at its 50-day moving average.
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