FIRST SOLAR INC
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 29, 2024
FSLR$191.61-4.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net sales | $887,668 | $801,090 | $2,692,258 | $2,160,049 |
| Cost of sales | 442,357 | 424,915 | 1,402,055 | 1,361,403 |
| Gross profit | 445,311 | 376,175 | 1,290,203 | 798,646 |
| Operating expenses: | ||||
| Selling, general and administrative | 46,293 | 50,172 | 138,680 | 140,528 |
| Research and development | 50,197 | 41,190 | 144,876 | 108,445 |
| Production start-up | 26,822 | 12,059 | 69,681 | 54,930 |
| Litigation loss | — | — | 430 | 35,590 |
| Total operating expenses | 123,312 | 103,421 | 353,667 | 339,493 |
| Gain on sales of businesses, net | — | 211 | 1,115 | 329 |
| Operating income | 321,999 | 272,965 | 937,651 | 459,482 |
| Foreign currency loss, net | (5,158) | (987) | (17,665) | (11,586) |
| Interest income | 22,580 | 23,254 | 74,424 | 74,102 |
| Interest expense, net | (9,008) | (3,734) | (27,983) | (5,897) |
| Other expense, net | (3,071) | (1,033) | (6,435) | (1,492) |
| Income before taxes | 327,342 | 290,465 | 959,992 | 514,609 |
| Income tax expense | (14,386) | (22,067) | (61,064) | (33,071) |
| Net income | $312,956 | $268,398 | $898,928 | $481,538 |
| Net income per share: | ||||
| Basic | $2.92 | $2.51 | $8.40 | $4.51 |
| Diluted | $2.91 | $2.50 | $8.36 | $4.49 |
| Weighted-average number of shares used in per share calculations: | ||||
| Basic | 107,049 | 106,834 | 107,015 | 106,795 |
| Diluted | 107,562 | 107,498 | 107,514 | 107,326 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $312,956 | $268,398 | $898,928 | $481,538 |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustments | 9,775 | (4,942) | (1,702) | (7,635) |
| Unrealized gain (loss) on marketable securities and restricted marketable securities, net of tax of $(464), $340, $(321) and $23 | 9,683 | (8,696) | 6,483 | (3,045) |
| Unrealized (loss) gain on derivative instruments, net of tax of $0, $(214), $(131) and $(1,087) | (1) | 719 | 490 | 3,527 |
| Other comprehensive income (loss) | 19,457 | (12,919) | 5,271 | (7,153) |
| Comprehensive income | $332,413 | $255,479 | $904,199 | $474,385 |
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