GT Solar (SOLR) Continues To Post Impressive Growth, Reiterates Guidance

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01:17:51 am on August 4, 2011

GT Solar (SOLR) is reporting another very impressive quarter of growth and has beat analyst estimates in the process.  The company has reported an EPS of .41/share vs the analyst estimate for .31/share on revenues of $231 million vs the analyst estimate for $226 million.  That’s good for quarter over quarter EPS and revenue growth of 273% and 71% respectively.  The company is also reporting a record backlog of over $2 billion.

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“We were pleased to deliver strong top and bottom line performance in the first quarter as well as record gross margin percentage, bookings, backlog and cash balance,” said Tom Gutierrez, president and chief executive officer. “These results stem from our continued leadership across all of our business segments driven by our focus on innovation, superior service, and excellent product performance.

“We believe our efforts to diversify the company’s revenue base position us to weather cyclicality that we may encounter in the PV, polysilicon and LED industries. Meanwhile, our strong balance sheet and cash generation capabilities enable us to evaluate additional strategic opportunities to strengthen the company’s long-term growth prospects.

Looking ahead the company is reiterating its full year guidance of $1 – 1.1 in revenues and EPS of $1.55 – $1.85.  Analysts are predicting $1.06 billion in revenues and $1.70 in EPS.

Shares are up about 6% in after hours trading.

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