First Solar's sales increase on the back of higher demand for solar panels

First Solar, the largest U.S. solar panel manufacturer, reported on Thursday higher quarterly sales that met Wall Street's expectations. This was aided by demand from India and third parties.

First Solar has increased its pricing power as a result of the U.S. tariffs and more stringent trade enforcement, which have raised the price of imported solar panels.

In extended trading, shares of the company rose by 0.55%.

Mark Widmar, CEO, said in a statement: "We have delivered a strong start to 2026 with record revenue for the first quarter, record sales for 'India, and meaningful margin expansion. Adjusted EBITDA is above our top-end?first-quarter preview range."

Solar's first-quarter sales were $1.04 billion compared to $844.6 millions a year earlier, which is in line with analyst expectations. Data compiled by LSEG.

The company reported a quarterly net profit of $346.6 million, up 65.4% compared to the previous period.

The company said it expected second-quarter module sale of 3.4 to 4.0 gigawatts, and an adjusted EBITDA between $400 and $500 million.

The U.S. Department of Commerce announced preliminary antidumping duties last week on solar 'cells and panels' from India, Indonesia, and Laos. This backed up the claims made by domestic manufacturers that these 'countries sell products at unfairly low prices.

(source: Reuters)