GT Advanced cuts Q3 sales guidance to USD 110-140m

Sep 19, 2012 - US firm GT Advanced Technologies (NASDAQ:GTAT) today cut its revenue projections for the third quarter of 2012 to USD 110 million-140 million (EUR 84.5-107.5m) from USD 150 million-180 million in a guidance from August.

The solar equipment maker said it had downgraded its outlook as it expected to shift the delivery of USD 50 million (EUR 38.4m) of contracted advanced sapphire-growth furnaces (ASF) from the third to the fourth quarter.

The company also trimmed its adjusted earnings per share (EPS) forecast to between a negative USD 0.05 and a positive USD 0.02 from earlier expectations of EPS slightly below USD 0.16.

Yet, GT Advanced Technologies confirmed its projections for revenue and EPS growth in the fourth quarter and reiterated its full-year outlook for revenue of USD 925 million to USD 975 million and adjusted EPS of USD 1.30-1.40.

The company added that its PV business could remain constrained in the interim, if the European Union imposed import tariffs on photovoltaic (PV) products from China. GT Advanced Technologies said it was in talks on new projects in southeastern Asia and the Middle East in the polysilicon segment, as part of its efforts to diversify into other businesses besides the PV.

(USD 1 = EUR 0.768)

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