First Solar Q3 Earnings: Misses Revenue Expectations but Surpasses EPS Forecast Amid Strong Gross Margins and Backlog.

First Solar, a U.S.-based manufacturer of cadmium telluride thin-film solar modules, has reported Q3 2023 earnings, missing on revenues but exceeding expectations on earnings per share. The company delivered $801 million in revenues, falling short of expectations of $892 million. However, it reported an earnings per quarter of $2.50, exceeding expectations by 22.5%. The company also delivered gross margins significantly higher than Wall Street expectations, largely due to lower sales freight costs, higher module average sales prices, and a higher volume of U.K.-produced modules. The firm’s backlog of orders has reached 82 GW and year-to-date orders have accumulated to 28 GW. First Solar is also producing bifacial thin-fil modules, a first for the industry, which the company claims is a breakthrough in the industry.