North Coast Solar Stocks

August 4, 2009

GT Solar 1st-qtr profit misses estimates

Filed under: SOLR — Tags: , , , , — Jason @ 4:39 pm

Tue Aug 4, 2009 4:39pm EDT

* Q1 EPS $0.05 vs $0.06 estimate

* Q1 revenue $71.8 mln vs $87.1 mln estimate

* Company backs FY ’10 revenue, EPS outlook

* Shares fall 5 percent after hours

LOS ANGELES, Aug 4 (Reuters) – Solar equipment maker GT Solar International Inc (SOLR) on Tuesday reported first-quarter earnings and revenue that missed Wall Street estimates, but backed its full-year outlook. Its shares fell 5 percent in extended trade.

Net income in the fiscal first quarter rose 53 percent to $7.8 million, or 5 cents per share, compared with $5.1 million, or 3 cents per share, a year ago.

Wall Street analysts, on average, had been expecting earnings of 6 cents per share, according to Reuters Estimates.

Revenue rose 26 percent to $71.8 million from $57.1 million last year. Analysts, on average, had been expecting revenue of $87.1 million, according to Reuters Estimates.

Merrimack, New Hampshire-based GT Solar also reiterated its full-year outlook of 45 cents to 60 cents a share on revenue of $450 million to $550 million.

“We saw a number of positive developments in the first quarter including solid profitability, increases in our cash position and deferred revenue balance, new photovoltaic bookings and the acceptance of another GT turnkey wafer fabrication line,” GT Solar CEO Tom Zarrella said in a statement.

GT Solar shares fell to $5.59 after closing at $5.91 on the Nasdaq.

(Reporting by Nichola Groom, editing by Gunna Dickson)

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