New Hampshire-based GT Solar International, Inc. (NASDAQ: SOLR) reported decreased earnings for its 2Q10, which ended September 26, 2009. But despite the downturn, the provider of solar production equipment remains in the black and is carrying no debt.
The company reported net income of $9.4 million in 2Q10 versus $27.9
million for the same quarter of fiscal 2009. Earnings per share in the
second quarter on a fully diluted basis were $0.06, versus $0.19 for
the same quarter last year.
Revenue for the quarter totaled $104.2 million, compared with $140.2 million in 2Q09. Revenue for the second fiscal quarter included $62.4 million in the PV segment and $41.8 million in the polysilicon segment.
Gross profit for the quarter totaled $34.3 million, or 32.9% of revenue, compared to $61.4 million, or 43.8% of revenue, for 2Q09. The company’s gross margin for the first half of fiscal 2010 was 39.3%. Operating margin for the quarter was 14.8%, compared to 30.8% in 2Q09. Operating margin for the first half of fiscal year 2010 was 17.6%.
At quarter’s end, the company’s backlog was $1.03 billion, with $279 million in the PV segment and $752 million in the polysilicon segment. New orders for the quarter, net of de-bookings, were $20.1 million.
“Our focus has been and continues to be on strengthening GT Solar’s competitive and technology leadership positions in the solar equipment industry,” said Tom Gutierrez, president and CEO. “In fiscal year 2010 to date, we have posted solid financial results, maintained what we believe to be one of the industry’s strongest balance sheets with $204 million of cash and no debt, and we are continuing to significantly increase our investment in R&D.
“In the second quarter, we received new orders of $30.7 million including the first for our new SDR-400 reactor and for engineering services in our new silane business, as well as an order for our multi-crystalline furnaces from a new customer that has historically been a mono-crystalline wafer manufacturer,” continued Gutierrez. “We are also seeing continued evidence that our reputation for quality, performance and industry-leading efficiencies is providing strong differentiation in the marketplace.”
The company indicated that its previous guidance for fiscal year ending April 3, 2010, for revenue of $450 million to $550 million and fully diluted earnings per share of $0.45 to $0.60, remains unchanged. The company also indicated its overall gross margin for the year is expected to be comparable to its year to date gross margin of approximately 39%.
Loading...