GT Solar (SOLR) Reports Strong Quarter
GT Solar (SOLR) which IPO’d near the end of July and has struggled since on concerns over its relationship with largest customer LDK Solar, reported a strong quarter after the bell today with the company turning a 3 cent/share profit, reversing the loss in the year ago quarter as revenues soared 272% from the year ago quarter to 57 million.
The company said the sales increase was due primarily to its DSS 450, its new multi-crystalline product.
President and CEO Tom Zarrella noted, “We are pleased with the results for our first quarter of fiscal 2009 for several reasons. We were able to manage dynamic growth while achieving both gross and operating margins at record high levels. Additionally we increased our investment in R&D and approached completion of our previously announced factory expansion. Our backlog remains strong and we continue to see a robust order pipeline in both of our major product areas. Our balance sheet and cash flow provide us with more than ample capital to fuel our growth objectives.”
Share are up about 5% in after hours trading.
Tags: earnings, gt solar, ldk solar, solr
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