GT Solar International, Inc. (NASDAQ: SOLR) today reported quarterly results for the first time since going public last month. For the first quarter of fiscal year 2009, quarterly revenue increased significantly, while the company went from a $5 million loss last year to $5 million in earnings this quarter.
The company’s shares, which have been hit hard since the IPO, rose 4.5% following the quarterly release, according to Reuters.
Net income for the quarter was $5.1 million,
compared to a loss of $5.0 million for 1Q08. Earnings per share was $0.03,
compared to a loss of $0.04 for 1Q08. Included in the results were $1.4 million in costs related to GT Solar’s IPO.
Revenues for 1Q09 increased 272% to $57.1 million, from $15.4 million
1Q08. The increase resulted primarily from growth in revenue from the
sale of the DSS 450, its recently introduced multi-crystalline product.
Gross margin for the quarter was 42.6%.
President and CEO Tom Zarrella noted, "We are pleased with the results for our first quarter of fiscal 2009 for several reasons. We were able to manage dynamic growth while achieving both gross and operating margins at record high levels. Additionally we increased our investment in R&D and approached completion of our previously announced factory expansion. Our backlog remains strong and we continue to see a robust order pipeline in both of our major product areas. Our balance sheet and cash flow provide us with more than ample capital to fuel our growth objectives."
The company provided guidance on future financial performance for the second quarter and for the full 2009 fiscal year. For 2Q09, management expects revenues in the range of $120-130 million, with earnings per share of between $0.12-$0.15. For the current fiscal year ending March 2009, management expects revenues in the range of $600-$650 million, with earnings per share of between $0.70 -$0.75 fully diluted.
About GT Solar International, Inc.
GT Solar International, Inc. is a global provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, cells and modules and polysilicon. The company’s principal products are directional solidification systems and chemical vapor deposition reactors and related equipment.
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