GT Advanced returns to Q2 net profit

Aug 6, 2013 - US solar equipment maker GT Advanced Technologies (NASDAQ:GTAT) said Monday it had turned to a net profit of USD 11.9 million (EUR 9m) in the second quarter of 2013, after a loss of USD 18.7 million a year back.

As a result, the company earned USD 0.10 per basic and diluted share, against a loss per share of USD 0.16. Tom Gutierrez, president and CEO, expressed his satisfaction with the performance of the company, which surpassed its forecast for earnings, gross margin and cash.

On a non-GAAP basis, GT Advanced posted a second-quarter net profit of USD 18.1 million, compared to a deficit of USD 8.9 million in the year-ago period. Non-GAAP earnings per fully-diluted share were USD 0.15, versus a loss per share of USD 0.07 in the second quarter of 2012.

Gross margin declined to 34.8% from 36%.

April-June revenues at GT Advanced rose slightly to USD 168.3 million from USD 167.3 million. The result included USD 150.7 million in polysilicon equipment sales, USD 11.4 million in photovoltaic (PV) and USD 6.2 million in sapphire equipment revenues. Total backlog as of June 29 amounted to USD 702 million.

The solar equipment producer closed the first half of 2013 with a net loss of USD 6.7 million, against a profit of USD 93.8 million a year ago. On a non-GAAP basis, net profit fell to USD 9.2 million from USD 105.3 million. Revenues in the six months contracted to USD 226.1 million from USD 521.1 million.

GT Advanced reaffirmed its 2013 guidance for revenues of USD 500 million-600 million, gross margin of 35%-37% and non-GAAP earnings per share of USD 0.25-0.45.

(USD 1.0 = EUR 0.754)

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