(Reuters) - First Solar ( FSLR ) reported higher first-quarter profit on Wednesday compared to the same period last year, helped by resilient demand for solar energy.

The company reported a net profit of $236.6 million, or $2.20 per share, for the three months ended March 31, compared to $42.5 million, or 40 cents per share, in the same period last year.

Analysts expected an average of $1.99 per share, according to LSEG data.

The U.S. solar market has seen significant momentum since last year, helped by regulatory steps such as the Biden administration's 2022 Inflation Reduction Act, which provides tax credits for panels made in the United States.

Additionally, module supply in the U.S. has remained comparatively isolated from the oversupply witnessed globally due to the Biden administration limiting imports from China by placing additional tariffs.

First Solar's ( FSLR ) revenue came in at $794.1 million, higher than $548.3 million in the same period last year and beating analysts' estimate of $702.2 million, according to LSEG data.

The company maintained its 2024 forecasts for revenue and volume at between $4.4 billion and $4.6 billion, and 15.6 gigawatt to 16.3 gigawatt, respectively.

Year-to-date bookings were 2.7 gigawatt, compared to 4.8 gigawatt for the same period last year.

Cash at the end of the first quarter decreased to $1.4 billion, from $1.6 billion at the end of the previous quarter, primarily due to capital expenditures related to manufacturing capacity expansions in Alabama, Louisiana and Ohio, the company said.

The average selling prices of bookings was 31.3 cents per watt, compared to 31.8 cents per watt in the same period last year.