GT Advanced Technologies' net profit dips to USD 2m in Q3 2012

Nov 7, 2012 - US firm GT Advanced Technologies (NASDAQ:GTAT) on Tuesday posted a slump in its third-quarter net profit to USD 2.3 million (EUR 1.8m) from USD 36.9 million a year ago as its revenue almost halved year-on-year.

The company, which makes equipment for the solar, light-emitting diode (LED) and electronics industries, said its adjusted net profit had fallen to USD 700,000 from USD 45.8 million.

Fully diluted earnings per share (EPS) dropped to USD 0.02 from USD 0.29. Adjusted diluted EPS were USD 0.01, at the upper end of GT's guidance range, down from USD 0.35 for the year-ago period.

Gross margin declined to 31.8% from 43.7%.

Revenue plunged to USD 110.1 million, at the low end of the guidance range, from USD 217.7 million. Revenue included USD 95.9 million in polysilicon, USD 1.6 million in photovoltaic (PV) and USD 12.6 million in sapphire segment revenues.

Order backlog as of September 29 was USD 1.5 billion. New orders totalled USD 49.2 million.

Last month, the company said it would slash is global workforce by 25% to reduce costs expecting a challenging 2013 in its key markets. GT Advanced will consolidate its PV, polysilicon and sapphire segments, as well as worldwide operations into a single business group, called Crystal Growth Systems.

(USD 1 = EUR 0.777)

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