GT Solar (SOLR) Reports Solid Quarter, But Misses Estimates
GT Solar (SOLR) reported earnings results after the bell today that were quite good,but missed analyst estimates. The company reported an EPS of .05/sharewhich was 67% higher than the year ago quarter, but shy of the analystestimate of .06/share. Revenues of $72 million missed the analystestimate of $86 million, but was also an improvement over the year agoquarter by 26%.
“We saw a number of positive developments in the first quarterincluding solid profitability, increases in our cash position anddeferred revenue balance, new PV bookings and the acceptance of anotherGT turnkey wafer fabrication line,” said CEO Tom Zarrella. “Asplanned, we completed shipment of a significant portion of thereactor-based backlog that is expected to be recognized as revenue inthe second half of the year.
The company said it’s still on track with the guidance it gave lastquarter and sees revenue of $450 – 550 million and EPS of $.45 – .60for the fiscal year that ends Apr 3, 2010.
Shares are off just about 1% after hours.
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