GT Solar International, Inc. (NASDAQ: SOLR) a provider of equipment and technology for the solar power industry, today reported increased revenues and profit for its fiscal year 2009 second quarter, which ended September 27, 2008.
GT Solar conducted its initial public offering (IPO) in July of this year.
Revenues for the quarter increased 71% to $140.2 million, up from $81.8 million during the same quarter of fiscal year 2008. All revenues for the quarter related to the photovoltaic (PV) segment of the business, which consists of DSS (directional solidification system) furnaces and related products.
Gross profit increased to $61.4 million, or 43.8% of revenues, compared to $29.6 million, or 36.2% of revenues in the second quarter of fiscal year 2008. Operating margin was 31%, compared to 23% in the second quarter of fiscal 2008. GT Solar had net income of $27.9 million in the second quarter versus $17.1 million for the same quarter of fiscal 2008. Earnings per share on a fully diluted basis were $0.19 versus $0.12 for the same quarter last year.
The company increased its backlog in the second quarter, with bookings of $292 million. At quarter’s end, backlog exceeded $1.4 billion, up from $1.26 billion at the end of the first quarter.
"Our second quarter results represented strong revenue performance, excellent operating and gross margins, and solid profitability" said Tom Zarrella, president and CEO. "Our significant and healthy backlog–much of which is supported by cash deposits and letters of credit–is evidence of the solid demand for GT Solar DSS furnaces and polysilicon reactors. Our operating cash flow, balance sheet and cash position are all strong, providing us with ample sources to fund our operations and growth initiatives."
The company provided guidance on financial performance for 3Q09 ending December 27, 2008, for revenues in the range of $190-$200 million, with earnings per share of between $0.23 and $0.25 fully diluted. The company also updated its annual revenue guidance for the fiscal year ending March 28, 2009 to a range of $575 million to $650 million, while maintaining its previous EPS guidance of $0.70 to $0.75. Previously, the company had guided to revenue of $600 million to $650 million for the fiscal year and is changing the low end of its revenue guidance range in light of macro-economic uncertainty.
About GT Solar International, Inc.
GT Solar International, Inc. is a provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, cells and modules and polysilicon utilized in the solar power industry. The company’s principal products are directional solidification systems and chemical vapor deposition reactors and related equipment.