GT Solar (SOLR) Breaks To Another New Multi Year High After Beating Estimates, Raising Guidance

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12:26:23 pm on May 24, 2011

GT Solar (SOLR) is having a good morning but off the highs of the day after beating earnings estimates and raising guidance.  The company reported an EPS of .41/share on revenues of $272 million vs the analyst estimate for .34/share on revenues of $224 million.  That’s good for quarter over quarter increases of 78% and 40% respectively.  Looking ahead, the company is raising guidance as well and now expects its full year EPS range at $1.55 – $1.85 vs the previous estimate for $1.25 – $1.50.  Gross margins are predicted to be in the 42 –44% range.

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"Our strong fourth quarter performance caps an outstanding year for GT and its shareholders," said Tom Gutierrez, president and CEO. "We achieved record revenues in fiscal year 2011 on 65 percent year-over-year growth and we more than doubled our earnings per share. We concluded the year with a strong balance sheet and cash position, while utilizing $203.5 million of cash to buy back 26.5 million shares from our private equity investor."

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