Solar technology company First Solar (NASDAQ:FSLR) delivered mixed Q4 2023 results. Despite mixed results, the stock gained nearly 5% in Tuesday’s after-hours trading, fueled by a positive outlook for 2024.
The company expects its top and bottom lines to mark solid growth in 2024. For instance, First Solar expects its 2024 net sales to be in the range of $4.4 billion to $4.6 billion, up 33% to 39%. Further, the company expects its earnings to be between $13.00 and $14.00 per share in 2024, reflecting a year-over-year growth of 68-81%. Analysts expect First Solar to deliver EPS of $13.26 on sales of $4.56 billion in 2024.
With this backdrop, let’s delve into First Solar’s Q4 performance.
First Solar Delivers Mixed Q4
FSLR delivered net sales of $1.2 billion in the fourth quarter, up about 45% year-over-year. Higher module sales supported the company’s top line. However, its revenue fell short of the analysts’ expectations of $1.31 billion.
First Solar earned $3.25 per share in Q4, up 30% year-over-year. Higher sales supported the company’s bottom line. Moreover, its EPS exceeded analysts’ average estimate of $3.14.
Is FSLR a Good Stock to Buy?
Based on analysts’ consensus ratings, FSLR stock is a good buy. First Solar stock has nine Buy and two Hold recommendations, translating into a Strong Buy consensus rating. Analysts’ average price target of $211.73 implies 46.03% upside potential from current levels.
In terms of stock price, FSLR shares have decreased by over 14% in one year due to industry-wide challenges, including oversupply and lower pricing. Nonetheless, the company is witnessing strong mid- to long-term demand, primarily in the domestic market. This should help the company expand its top-line numbers.
