GT Solar International Doubles Quarterly Income $SOLR

06 August of 2010 by

GT Solar reports record revenue of 541 million and gross profit of 214 7 million for fiscal 2009 295x220 GT Solar International Doubles Quarterly Income $SOLR GT Solar International Inc. (NASDAQ: SOLR) recently posted impressive quarterly results, reporting net income forthe first quarter of the fiscal year up to 11 cents a share, from 5cents apiece it earned a year back. The company’s total net income forthe quarter stood at $16.5 million, up from $7.8 million it earned forthe same time period last year. The company’s revenue also increasedfrom $71.8 million to $135.1 million. The consensus estimate for theearrings was at 7 cents per share, whereas revenue estimates were at $73 million.

The company also announced a follow-onorder worth $23.4 million from OCI Company, a South Korea-basedpolysilican producing firm. GT Solar also acquired Crystal Systems Inc., a producer of crystalline growth technology for $24 million. Theconsideration is payable in cash and stock. It has been indicated that$24 million needs to be paid in cash with 5.4 million shares of theacquiring company. It will also include $21 million cash earn out.

GT Solar designs and manufacturesequipments for the production of cell and modules. It is a globalcompany and also deals in the designing of manufacturing equipments, aswell as the manufacturing of chemical vapor deposition reactors. Thesereactors are used for manufacturing silicon tetrachloride andpolysilicon converters. The company was founded in 1994 and is based out of New Hampshire, U.S.A.

GT Solar stock has a 52-week price range of $4.51-$7.98. The stock has a resistance level at $7.04. Its major support level is at $6.73.If the stock breaches this support level, then the next sustenance level is at $6.53. The stock’s 50-day moving average is at $5.93 and 200-daymoving average stands at $5.58. GT Solar International’s P/E ratio is13.02.

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