What factors drove FSLR's 2024 EPS performance?

First Solar's (FSLR) 2024 EPS performance was driven by several key factors:

1. **Revenue Growth**: FSLR's net sales increased significantly, rising from $3.3 billion in 2023 to $1.2 billion in Q4 2024. This growth was primarily attributed to increased module sales, which contributed to higher revenues and profitability.
2. **Increased Module Sales**: The company reported a substantial increase in net sales and net income, largely due to higher module volumes sold and improved average selling prices (ASPs). This trend was evident in the Q4 2024 earnings report, where net sales rose by approximately 20% to $1.2 billion compared to the previous year.
3. **Gross Margin and Operating Income**: FSLR forecasted a gross margin of $2 billion to $2.1 billion and operating income of $1.5 billion to $1.6 billion for the full year 2024. These projections indicate a strong operational performance and efficiency in generating income from sales.
4. **Tax Credits and Incentives**: The company anticipated Section 45X tax credits of $1 billion to $1.05 billion and $85 million to $95 million of production start-up expense. These incentives significantly bolstered profitability by reducing costs and increasing earnings per share.
5. **Manufacturing Capacity Expansion**: FSLR continued to invest in manufacturing capacity expansions, with capital expenditures expected to be between $1.7 billion and $1.9 billion for 2024. These investments are crucial for sustaining growth and maintaining a competitive edge in the market.
6. **Strategic Developments**: The company's strategic initiatives, such as protecting intellectual property rights and maintaining a competitive edge through proprietary technology, likely contributed to operational efficiencies and profitability.

In summary, FSLR's 2024 EPS performance was driven by robust revenue growth, increased module sales, improved gross margins, tax credits and incentives, manufacturing capacity expansions, and strategic developments. These factors combined to support the company's financial performance and outlook for the year.