Solar stocks are expected to back strong in the new year.

In fact, according to Bloomberg, “Electricity generated from US solar and wind systems will surpass power produced by burning coal for the first time next year, driven by surging panel installations. Developers are expected to install 23 gigawatts of solar capacity this year and an additional 37 gigawatts next year, making it the fastest-growing source of new generation.”

Better, it appears a good deal of negativity has been priced into the solar stock, including recent earnings. Net sales for the third quarter were $801 million, a decrease of $10 million from the prior quarter. The decrease was primarily driven by a reduction in the volume of modules sold. However, FSLR did see third-quarter net income per diluted share of $2.50, compared to net income per diluted share of $1.59 in the second quarter of 2023. 

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Also, “Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology,” said Mark Widmar, CEO.

“Our growth is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform, and, crucially, a balanced business model focused on delivering value to our customers and our shareholders.”

After breaking above prior resistance at $165.71, FSLR is now up to $168.67. From here, we’d like to see it retest $190 a share again shortly.


Ian Cooper