GT Solar (SOLR) Reports Solid Quarter, But Misses Estimates

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05:57:26 pm on August 4, 2009

GT Solar (SOLR) reported earnings results after the bell today that were quite good, but missed analyst estimates.  The company reported an EPS of .05/share which was 67% higher than the year ago quarter, but shy of the analyst estimate of .06/share.  Revenues of $72 million missed the analyst estimate of $86 million, but was also an improvement over the year ago quarter by 26%.

“We saw a number of positive developments in the first quarter including solid profitability, increases in our cash position and deferred revenue balance, new PV bookings and the acceptance of another GT turnkey wafer fabrication line,” said CEO Tom Zarrella.  “As planned, we completed shipment of a significant portion of the reactor-based backlog that is expected to be recognized as revenue in the second half of the year.

The company said it’s still on track with the guidance it gave last quarter and sees revenue of $450 – 550 million and EPS of $.45 – .60 for the fiscal year that ends Apr 3, 2010.

Shares are off just about 1% after hours.


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