First Solar Reports Strong Quarter Amid Renewables Sector Challenges

Despite a revenue miss, First Solar's earnings beat expectations with a record backlog and robust demand, signaling a bright future.

First Solar's net income rose 30% year over year, with earnings per share of $3.25 surpassing estimates.
The company has a record order backlog of 80.1 gigawatts, fully booked through the next two years.
Analysts raise price targets, citing First Solar's strong margins and insulated position from sector downturns.
Potential headwinds include political uncertainty in the U.S. and global oversupply challenges.
First Solar expects to receive between $1 billion and $1.05 billion in tax credits this year, bolstering its financial outlook.