Nov 5, 2013 - US firm GT Advanced Technologies (NASDAQ:GTAT) today reported a third-quarter 2013 net loss of USD 38.1 million (EUR 28m), versus a profit of USD 2.3 million a year ago and revised down its full-year forecast.
The solar and electronics manufacturing equipment supplier turned to a non-GAAP net loss of USD 19.4 million from a USD-692,000 profit. Non-GAAP earnings per share (EPS) on a fully-diluted basis were negative USD 0.16 compared to a positive result of USD 0.01 previously.
GT Advanced booked revenues of USD 40.3 million in the quarter to September 28, 2013, less than half of last-year’s USD 110.1 million. The sale of photovoltaics (PV) manufacturing equipment fetched USD 4.4 million in revenue, while USD 28.6 million came from the sale of polysilicon production equipment. The sapphire segment brought USD 7.3 million.
During the reporting period, the company secured USD 7 million in orders -- USD 3 million for PV and USD 4 million for sapphire machines. Its total order book amounted to USD 658 million as of September 28.
GT Advance explained that in the sapphire segment it would shift from the sale of advanced sapphire furnaces (AFS) to the expansion of its AFS capacity for internal use. The move has been motivated by a multi-year sapphire material supply agreement awarded to GT by Apple Inc (NASDAQ:AAPL). As a result, the company revised its full-year 2013 forecast. It now expects non-GAAP loss per share of USD 0.40-0.50, in contrast to a guidance for EPS of USD 0.25-0.45 previously. Revenues are seen at USD 290 million-320 million, down from earlier projections of USD 500 million-600 million. The gross margin guidance was also cut to 30%-32% from 35%-37%.
For 2014 GT Advanced guided for revenues of USD 600 million-800 million, with 80% coming from the sapphire division.