GT Solar (SOLR) Beats, Raises Guidance, But Shares Off

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11:08:46 am on February 3, 2011

GT Solar (SOLR) has had quite a run, so it’s not too much of a surprise that shares aren’t moving after the company beat analyst estimates and raised guidance.  This result was largely priced in already.  The company reported an EPS of .46/share which was well above the analyst estimate of .38/share and 84% higher than the year ago quarter.  Revenues also beat analyst estimates coming in at $263 million vs the estimate for $252 million.  That’s 51% higher than the year ago quarter.

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Looking ahead, the company is raising both revenue and EPS guidance for fiscal year 2011.  On the EPS side it goes from $1.08 – $1.18 to $1.15 – $1.19 (analysts predicted $1.14) and on the revenue side it  goes from $775 – $850 million to $835 – $860 million (analysts predicted $845 million).  For 2012, the  company believes it has a chance to reach the $1 billion in revenue mark.

CEO Tom Gutierrez commented: “The integration of our recently acquired sapphire business is nearly complete and our confidence remains high that this business will meet or exceed our expectations,” continued Gutierrez. “In Q3 we booked our first two sapphire furnace orders totaling more than $84 million with affiliates of two of our Chinese solar customers. And, after the close of the quarter, we announced our third sapphire furnace order for an additional $33 million with our customer OCI in Korea.

“Our first generation 85kg Advanced Sapphire Furnace (ASF) has been well received and we are currently in discussions with customers regarding availability of the enhanced ASF100, which we expect will be available for delivery during the third quarter of this calendar year. The ASF100 will increase output to 100Kg per cycle and provide an enhanced form factor that will further increase productivity.

Shares of SOLR are down 3% today, but remain in a strong uptrend following a cup with handle breakout in January. 

 
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