Companies )GT Solar Reports Results for Third Quarter Fiscal Year 2010 |
| Published 02 February 2010 |
| GT Solar International, Inc. today reported results for its third quarter of fiscal year 2010, which ended December 26, 2009. Revenue for the third fiscal quarter totaled $173.6 million, compared with $104.2 million in the second fiscal quarter and $205.2 million in the third quarter of fiscal year 2009. Revenue for the third fiscal quarter included $40.3 million in the PV segment and $133.3 million in the polysilicon segment.  Gross profit for the quarter totaled $76.7 million, or 44.2 percent of revenue, compared to $34.3 million, or 32.9 percent of revenue, in the second fiscal quarter and $89.5 million, or 43.6 percent of revenue, for the third quarter of fiscal year 2009. Gross margin for the first nine months of fiscal year 2010 was 41.7 percent. Operating margin for the quarter was 33.2 percent, compared to 14.8 percent in the second fiscal quarter and 34.6 percent in the third quarter of fiscal 2009. Operating margin for the first nine months of fiscal year 2010 was 25.4 percent. The company had net income of $36.8 million in the third fiscal quarter, versus $9.4 million in the second fiscal quarter and $43.1 million for the third quarter of fiscal 2009. Earnings per share in the third quarter on a fully diluted basis were $0.25, versus $0.06 for the second fiscal quarter and $0.30 for the third quarter of fiscal 2009. At quarter's end, the company's backlog was $857 million, with $254 million in the PV segment and $603 million in the polysilicon segment. New orders for the quarter of $58.8 million were offset by a comparable amount of de-bookings and adjustments for the quarter. Management Commentary "We are pleased with our performance in the third-quarter," said Tom Gutierrez, president and chief executive officer. "We have seen an increase in business activity over the last four months from our key customers in Asia, indicating that their utilization rates are climbing and, as a result, the supply environment for low cost, high quality wafers is expected to tighten. We believe recent orders, including some from new customers, provide further evidence that GT Solar remains the technology leader in the market and that our systems continue to be the choice of leading PV manufacturers. "In the third quarter, we received new orders of approximately $59 million including two contracts with subsidiaries of China-based GCL-Poly Energy Holdings Limited, one for our TCS Production Technology Solution and the other for DSS furnaces," Gutierrez continued. "We continue to operate the business profitably, driven in part by our flexible and lean operating structure, and have what we believe is one of the strongest balance sheets in the industry with a cash position in excess of $194 million, zero debt and a deferred revenue balance of $378 million." Business Outlook The company updated its fiscal year 2010 guidance to the upper end of its previous range with revenue of $500 million to $550 million and fully diluted earnings per share of $0.52 to $0.60. The company reiterated its gross margin guidance for the fiscal year of approximately 39 percent. The company will be providing additional commentary on its long-term outlook during its live webcasted conference call this afternoon, details below. |
| Source: GT Solar |
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