First Photo voltaic Inc. has reported a 70.56 p.c quarter-on-quarter improve in internet gross sales to $1.51 billion for the fourth quarter (This autumn) of 2024.
Full-year gross sales totaled $4.21 billion, up 26.75 p.c from 2023 “primarily pushed by the next quantity of modules offered to 3rd events”, the Tempe, Arizona-based producer stated in an internet assertion.
Final yr noticed internet bookings of 4.4 gigawatts (GW) with a mean promoting value of 30.5 cents per watt, excluding adjusters, Indian home volumes and terminations.
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This autumn internet revenue landed at $393.12 million, up 25.61 p.c. Web earnings per diluted share was $3.65, lacking the Zacks Consensus Estimate by 21.3 p.c.
“Money, money equivalents, restricted money, restricted money equivalents, and marketable securities, much less debt on the finish of the fourth quarter elevated to $1.2 billion from $0.7 billion on the finish of the prior quarter”, First Photo voltaic reported. “The rise was primarily the results of the preliminary proceeds obtained from the sale of 2024 Part 45X tax credit and module section working money flows, partially offset by capital expenditures related to our Alabama and Louisiana services”.
Final week it stated it was promoting $857 million of tax credit generated from the manufacturing and sale of modules in the US final yr. The 2 switch agreements had a value of $0.955 per $1 tax credit score. First Photo voltaic expects $819 million in gross proceeds, of which $645 million was paid December for the primary of the transactions.
“At the same time as we maintained a extremely selective strategy to bookings, we expanded manufacturing capability by commissioning our Alabama facility and progressed building of our new Louisiana facility, established the infrastructure we anticipate will speed up innovation with a brand new R&D [research and development] heart in Ohio, and produced and shipped a historic quantity of modules”, chief government Mark Widmar commented.
The $1.1 billion manufacturing facility in Larence County, Alabama, has 3.5 GW of vertically built-in nameplate photo voltaic manufacturing capability. As soon as totally ramped, the brand new facility, together with First Photo voltaic’s three working websites in Ohio, will develop the corporate’s home nameplate manufacturing capability to just about 11 GW and its international capability to over 21 GW.
Moreover it’s constructing a $1.1 billion, 3.5 GW facility in Louisiana, anticipated to be commissioned within the second half of this yr.
In India final yr First Photo voltaic began operation at a $700 million mission with a yearly nameplate capability of three.3 GW.
By the top of 2026, First Photo voltaic’s annual nameplate capability within the U.S. is anticipated to be over 14 GW whereas its international portfolio would have 25 GW, in response to the corporate.
First Photo voltaic ended 2024 with $5.09 billion in present property together with $1.62 billion in money and money equivalents. Present liabilities stood at $2.08 billion together with $236.42 million in present portion of debt.
To contact the writer, e mail jov.onsat@rigzone.com
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