North Coast Solar Stocks

November 9, 2009

GT Solar International, Inc. Reports Results for Second Quarter Fiscal Year 2010

Filed under: SOLR — Tags: , , , , — Jason @ 4:15 pm

Revenue of $104.2 million; net income of $9.4 million; EPS of $.06 and cash of $204 million

4:15 pm EST, Monday November 9, 2009

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today reported results for its second quarter of fiscal year 2010, which ended September 26, 2009.

Revenue for the second fiscal quarter totaled $104.2 million, compared with $140.2 million in the second quarter of fiscal year 2009. 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 percent of revenue, compared to $61.4 million, or 43.8 percent of revenue, for the second quarter of fiscal year 2009. The company’s gross margin for the first half of fiscal 2010 was 39.3 percent. Operating margin for the quarter was 14.8 percent, compared to 30.8 percent in the second quarter of fiscal 2009. Operating margin for the first half of fiscal year 2010 was 17.6 percent. The company had net income of $9.4 million in the second quarter of fiscal 2010 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.

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.

Management Commentary

“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 chief executive officer. “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.”

(more…)

November 2, 2009

GT Solar Announces CEO Transition as Tom Gutierrez Succeeds Tom Zarrella; Releases Preliminary Results for Second Quarter Fiscal Year 2010

Filed under: SOLR — Tags: , , , , — Jason @ 9:00 am

9:00 am EST, Monday November 2, 2009

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today announced a chief executive officer transition: Tom Gutierrez has been elected president, chief executive officer and a member of the board of directors, succeeding Tom Zarrella, who served as GT Solar President, CEO and a director since 2007 and in a senior management role since 2004. The changes were effective on October 28, 2009.

The company provided preliminary results for its second quarter of fiscal 2010 ended September 26, 2009. It expects revenue in the range of $100 million to $105 million, net income in the range of $9 million to $10 million and earnings per fully diluted share of $0.06 to $0.07. The company reaffirmed its revenue and earnings per fully diluted share guidance for the fiscal year ending April 3, 2010 in the ranges of $450 million to $550 million and $0.45 to $0.60, respectively. The company expects to report second quarter fiscal year 2010 results during the week of November 9, 2009.

“We greatly appreciate Tom Zarrella’s contributions and accomplishments over the last several years in leading GT Solar to a position of technological leadership and financial strength in the solar equipment industry and we wish him well,” said J. Bradford Forth, chairman of the board of GT Solar. “GT Solar is fortunate to have attracted Tom Gutierrez to lead the company in its next stages of growth and success. He has a strong technology background and proven track record of leadership in senior executive roles in large successful enterprises, developing and selling technologically sophisticated products worldwide. We are delighted to have Tom Gutierrez on board.”

“I am pleased to have been part of GT Solar’s development as the leading provider of photovoltaic solar equipment and I am confident that the management team and the company are well positioned to continue GT Solar’s technology and industry leadership,” said Tom Zarrella.

Mr. Gutierrez brings considerable experience to this position having served as chief executive officer at private and public companies ranging in size up to approximately $3 billion in sales. He was chief executive of Invensys Power Systems, a multinational business and world leader in power control and energy storage products, systems and services for industrial applications from 1998 to 2001. Under Mr. Gutierrez’s leadership, Invensys Power Systems doubled its operating income and grew its revenue from approximately $1.7 billion to nearly $3 billion via acquisition and strategic expansion. More recently, Mr. Gutierrez served as chief executive officer from 2001 to 2008 at Xerium Technologies, a multinational public company that develops, manufactures and markets technically advanced synthetic textiles. He has a strong international background having launched and led organizations in Asia, Europe, and throughout the U.S. Mr. Gutierrez has also held executive positions with Pulse Engineering (1992-1994), Pitney Bowes, Inc. (1985-1992) and Motorola, Inc. (1981-1984). He currently serves on the boards of directors of Verso Paper Corp. (NYSE) and Comverge Inc. (NASDAQ) He received his BS degree in Electrical Engineering from the Florida Institute of Technology.

October 27, 2009

GT Solar Commissions Solar Wafer Production Line in Spain

Filed under: SOLR — Tags: , , , , , , — Jason @ 8:30 am

Enables Cost-Effective Market Entry for DC Wafers

8:30 am EDT, Tuesday October 27, 2009

ANAHEIM, Calif.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today announced that it has received final acceptance for the design, installation and commissioning of one of the most technologically-advanced turnkey wafer fabrication lines in Spain.

Created for Leon-based DC Wafers, the state-of-the-art wafer production line (GT-WAFFABTM) includes GT Solar’s GT-DSS450TM ingot growth technology, coupled with advanced wafering systems, and automated in-line inspection tools. GT Solar’s turnkey services process experts worked closely with DC Wafer’s engineers to optimize the wafer line to increase productivity, boost quality and line yields, and lower production costs. The line was designed to produce 30-megawatts (MW) of multi-crystalline solar wafers annually; it will likely exceed that target by up to an additional 5 MW, as the line is already operating at a better than expected polysilicon consumption rate.

“GT Solar’s proven technology and manufacturing know-how, in combination with the expertise of our manufacturing team, have enabled DC Wafers to build an extremely efficient, cost-effective facility that is allowing us to produce high-quality silicon wafers to meet our customers’ very specific needs,” said Ismael Guerrero Arias, DC Wafers’ director and chief technology officer. “Our company is conscious of the positive implications that generating clean energy has for the environment and our local community in terms of job growth, and we are committed to the development of the photovoltaic industry. To those ends, we will continue to focus our R&D strategies on reducing costs, saving energy and achieving maximum quality and efficiency.”

“The successful commissioning of DC Wafer’s new wafer line was accomplished through great teamwork between our teams,” said Ron Jones, vice president and general manager of GT Solar’s turnkey business. “We believe that DC Wafers is well situated in today’s market and we look forward to further strengthening our partnership with them to help optimize their competitive position as they expand their business.”

GT Solar provides turnkey solutions for every process of the PV manufacturing value chain including wafer, cell, and module lines. The company has successfully installed a variety of turnkey line configurations in countries around the globe including China, Greece, India, Italy, Spain, Taiwan, and the United Kingdom.

About DC Wafers Investments, S.L:

DC Wafers is the first Spanish owned company dedicated to the manufacturing of multicrystalline silicon wafers for the photovoltaic industry. The company methods are designed to satisfy the most demanding quality specifications of the PV industry. For additional information about DC Wafers, please visit http://www.dcwafers.com.

October 22, 2009

First solar IPO in 15 months set to price Nov. 5

Filed under: FSLR, SOLR, STRI — Tags: , , , , , , — Jason @ 11:38 am

Thu Oct 22, 2009 11:38am EDT

* Company sees net IPO proceeds of $25.4 mln

* Sales fell 14 pct in first half of 2009

* Execs selling 81.3 pct of the IPO’s shares

NEW YORK, Oct 22 (Reuters) – STR Holdings Inc (STRI) set terms for what is likely to become the first U.S.-listed initial public offering by a solar company in 15 months.

The Connecticut-based company, which provides encapsulants that protect a solar module’s semiconductor circuit, plans to sell 12.3 million shares for between $13 and $15 each, raising an estimated $172 million, according to an updated prospectus filed on Thursday with U.S. regulators. The shares would trade on the New York Stock Exchange, under the ticker symbol “STRI.N” (STRI).

Its encapsulants are used in both crystalline and thin-film solar modules.

The last solar company to go public in a U.S.-listed IPO was GT Solar International Inc (SOLR), which raised $500 million but has fallen 65.5 percent since then.

Solar stocks have struggled in the past year as the credit crisis has constricted financing for solar projects; but experts believe the industry will resume its growth trajectory in 2010, aided by the first real installment of “green” stimulus dollars pledged by the major economies.

Of the shares in the IPO, 10 million shares are being offered by the company’s executives, while the remainder would be sold be the company, which estimated net proceeds of $25.4 million, with which it would pay down debt.

Its clients include BP Plc’s (BP) BP Solar and First Solar Inc (FSLR). The company also offers quality assurance services such as inspection, testing and auditing to consumer products makers.

The deal is expected to price on Nov. 5 and debut on the NYSE the next day, an underwriter said.

In the first half of 2009, STR had sales of $117.7 million, down 14 percent from the year-earlier period, and net income of $6.2 million.

The IPO’s underwriters, led by Credit Suisse and Goldman Sachs & Co, will have the option to buy another 1.8 million shares.

(Reporting by Phil Wahba, editing by Gerald E. McCormick)

September 22, 2009

A Power Surge for GT Solar?

Filed under: LDK, SOLR, TSL, YGE — Tags: , , , , , — Jason @ 7:27 pm

Some analysts think the stock is a giveaway, given GT Solar’s No. 1 place in the silicon solar equipment market, its hefty order backlog, and strong balance sheet

By Gene Marcial

Whenever the subject of solar energy comes up, analysts invariably express concerns about the challenges that confront the industry. Indeed, solar-related stocks are mostly trading below their 52-week highs, as the housing slump weakened demand for solar wafers or panels. And the financial crisis also restricted the flow of credit for housing and solar energy projects.

However, it may well be a good time for investors to catch some rays. Attractive opportunities could arise in selected solar companies as demand should come back with the economic recovery. Also benefiting the solar sector are the various tax breaks and low-interest loans the government is currently providing as part of salvaging the beleaguered housing industry.

One outfit some analysts consider undervalued, with perhaps one of the stronger balance sheets in the solar segment, is GT Solar International (SOLR), the world’s largest provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, solar cells, modules, and polysilicon.

GT Solar went public on July 23, 2008, as the financial crisis and economic downturn were gathering steam. Its initial offering price was 16.50 a share, but the stock has wilted since, closing at 6 a share on Sept. 22.

At that price, some analysts say the stock is a giveaway.

High-quality Polysilicon Shortage

Analyst Theodore O’Neill of investment firm Kaufman Bros. says GT Solar is undervalued because it is still No. 1 in the silicon solar equipment market, with a hefty order backlog worth $1 billion.

“Shares of GT Solar trade on orders for new equipment and those orders are starting to go up,” says O’Neill, who rates the stock a buy with a 12-month target price of 9.

(more…)

September 7, 2009

GT Solar Opens New Asia Headquarters in Shanghai

Filed under: SOLR — Tags: , , , , — Jason @ 8:00 pm

Solar Equipment Provider Strengthens Commitment to Asian Customers

Monday September 7, 2009, 8:00 pm EDT

SHANGHAI, China–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today formally opened its new Asia Headquarters in Shanghai, China.

GT Solar’s new facility makes it easier for Asian companies to conduct business with GT Solar by reducing the time it takes to obtain products, spare parts and service. The new facility will also be used to provide product demonstrations and training to customers in the region. The facility represents a significant expansion of GT Solar’s presence in Asia, which was first established in 2006.

“This is an exciting day for GT Solar,” said Tom Zarrella, GT Solar’s president and chief executive officer. “Our company has experienced tremendous growth in Asia over the past several years, developing a leading market position in polysilicon reactors, specialized furnaces, and engineering and integration services for the photovoltaic industry.”

“The opening of our Asia Headquarters underscores our commitment to the region and to further strengthening our relationship with our large customer base in Asia,” said Jeff Ford, general manager of GT Solar’s Asia region. “Our expanded presence will enhance the quality, timeliness and responsiveness of our services and products in Asia, and enable us to help our customers further lower the cost of producing solar energy.”

GT Solar’s four-story Asia Headquarters is strategically located in the Gaodong Industrial Park between the Waigaoqiao Terminal Port and Waigaoqiao Free Trade Zone. The facility comprises more than 50,000 square feet including a state-of-the-art customer demonstration and training center, an area dedicated to light manufacturing and assembly, spares warehousing, and office space.

August 25, 2009

Suntech Admits Selling Below Cost In U.S. To Gain Share

Filed under: SOLR, STP, YGE — Tags: , , , , , — Jason @ 1:26 pm

Posted by Eric Savitz
barrons.com

Suntech (STP) CEO Shi Zhengrong told the New York Times that his company is selling solar panels in the U.S. market for less than the cost of materials, assembly and shipping in a bid to boost market share.

The Times disclosed the comment in a report today on the rapid growth of the Chinese solar manufacturing sector. The piece notes that “backed by lavish government support,” the Chinese are planning to build plants to assemble products in the U.S. to bypass protectionist legislation. Chinese solar companies, the story says, “are encouraging their United States executives to join industry trade groups to tamp down antt-Chinese sentiment before it takes root.”

Suntech, according to the Times, plans to announced a solar panel assembly plant in the U.S. in the next month or two. The plant, according to Suntech, will be in Phoenix or someplace in Texas. Yingli (YGE) also plans to open a U.S. assembly plant.

Thomas Zarella, CEO of solar manufacturing equipment producer GT Solar (SOLR), told the Times that the U.S. and Europe are not likely to become major producers of solar products.

Since March, the story notes, Chinese national, provincial and even local governments have been competing with each other to offer solar companies “ever more generous subsidies,” including free land and cash for R&D. The piece adds that state-owned banks are “flooding the industry” with loans at rates lower than what would be available in Europe or the U.S.

August 12, 2009

GT Solar International, Inc. Files Form S3 Resale Shelf Registration Statement on behalf of Selling Stockholder

Filed under: SOLR — Tags: , , , — Jason @ 5:20 pm

Wednesday August 12, 2009, 5:20 pm EDT

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR) (“GT Solar” or the “Company”) today announced the filing of a resale shelf registration statement on Form S−3 with the Securities and Exchange Commission (“SEC”) on behalf of a selling stockholder. The selling stockholder is GT Solar Holdings, LLC (“Holdings”). Investment funds managed by GFI Energy Ventures LLC and Oaktree Capital Management, L.P. are the managing members and principal shareholders of GT Solar Holdings, LLC. Holdings owns approximately 106 million shares of GT Solar common stock. The registration statement was filed pursuant to the exercise of a demand registration right received by the Company from Holdings under a registration rights agreement.

After the resale shelf registration statement has been declared effective by the SEC, up to an aggregate amount of 105,538,149 shares of common stock may be offered. The amounts and prices will be set forth in a subsequent filing made with the SEC at the time of each offering. Any offer to sell, or solicitation of an offer to buy securities, if and when such offer is made, will be pursuant to a prospectus or a prospectus supplement that will be issued with respect to any such offering.

The resale shelf registration statement has been filed with the SEC but is not yet effective. The securities registered under the resale shelf registration statement may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

August 5, 2009

Shares of GT Solar rise sharply on fiscal 1st-qtr profit surge, reaffirmed full-year outlook

Filed under: SOLR — Tags: , , , — Jason @ 3:43 pm

Wednesday August 5, 2009, 3:43 pm EDT

NEW YORK (AP) — Shares of GT Solar (SOLR) jumped on Wednesday, a day after the company reported a 51-percent rise in its first-quarter profit and affirmed its full-year outlook.

The company, which makes equipment and technology for the solar power industry, saw its shares jump $1.09, or 18.3 percent, to $7 in afternoon trading.

On Tuesday after the market closed, GT Solar said quarterly profit surged on higher revenue, but missed analyst expectations by a penny.

Looking ahead, GT Solar said it’s on track to meet its guidance issued last quarter. It still anticipates fiscal 2010 earnings per share between 45 cents to 60 cents on revenue in a range of $450 million to $550 million.

Raymond James analyst Pavel Molchanov described GT Solar as “one of the most defensive ways to gain exposure to the solar space,” citing balance sheet strength and 2010 free cash flow of $98 million.

Molchanov rates GT Solar “Outperform,” with a $7.50 price target.

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)

GT Solar International, Inc. Reports Results for First Quarter Fiscal Year 2010

Filed under: SOLR — Tags: , , , , — Jason @ 4:15 pm

Revenue of $71.8 million; deferred revenue of $517 million; net income of $7.8 million; EPS of $.05 and cash of $161 million

Tuesday August 4, 2009, 4:15 pm EDT

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR) (“GT Solar”), a global provider of specialized equipment and technology for the solar power industry, today reported results for its first quarter of fiscal year 2010, which ended June 27, 2009.

Revenue for the first fiscal quarter totaled $71.8 million, compared with $57.1 million in the first quarter of fiscal year 2009. Revenue for the first fiscal quarter included $19.9 million in the PV segment and $51.9 million in the polysilicon segment.

Gross profit for the quarter totaled $35.0 million, or 49 percent of revenue, compared to $24.3 million, or 43 percent of revenue, for the first quarter of fiscal year 2009. Operating margin for the quarter was 21.7 percent, compared to 14 percent in the first quarter of fiscal 2009. The company had net income of $7.8 million in the first quarter of fiscal 2010 versus $5.1 million for the same quarter of fiscal 2009. Earnings per share in the first quarter on a fully-diluted basis were $0.05, versus $0.03 for the same quarter last year.

At quarter’s end, the company’s backlog was $1.12 billion, with $330 million in the PV segment and $785 million in the polysilicon segment. Net bookings for the quarter were $9.8 million.

Management Commentary

“We saw a number of positive developments in the first quarter including solid profitability, increases in our cash position and deferred revenue balance, new PV bookings and the acceptance of another GT turnkey wafer fabrication line,” said Tom Zarrella, president and chief executive officer. “As planned, we completed shipment of a significant portion of the reactor-based backlog that is expected to be recognized as revenue in the second half of the year.

“The company is focused on improving operating efficiencies, maintaining cash and a strong balance sheet, strengthening customer relationships and ensuring that our R&D continues to advance GT Solar’s technology leadership,” said Zarrella. “We are confident that, with our cash management practices, lean cost structure, and flexible business model, we will be in a position to deliver enhanced earnings performance when the industry’s growth returns.”

Business Outlook

The company indicated today that it is on track with its guidance provided last quarter 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.

(more…)

June 23, 2009

GT Solar Launches Engineering Solution to Enable the Manufacture of Silane Gas

Filed under: SOLR — Tags: , , , , — Jason @ 1:45 pm

Tuesday June 23, 2009, 1:45 pm EDT

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar (SOLR), a global provider of specialized equipment and technology for the solar power industry, today announced the availability of its Silane Production Package, which bundles GT Solar’s silane technology expertise with its proprietary equipment. This new package enables companies in the semiconductor, solar, and flat panel display industries to secure their own source of ultrapure silane gas using cost-effective, local production facilities.

“Increased demand from the semiconductor, photovoltaic, and flat panel display industries has resulted in shortages of silane gas accompanied by rising prices,” said Dave Keck, vice president and general manager of GT Solar’s polysilicon business. “As the need for silane gas continues to grow, companies around the globe are beginning to seek more secure solutions. With silane production a natural extension of our existing, well-proven polysilicon and trichlorosilane production plant capabilities, we believe we are well positioned to take advantage of these adjacent market opportunities.

“Similar to what we are experiencing in polysilicon production, where GT Solar’s efforts with new entrants are drastically augmenting polysilicon supply, we expect that our technology and know-how will help create a new class of regional competitors in the silane market. As a result, we anticipate that silane users will have more choice, and there will be a reduced reliance on the one, primary supplier that currently exists.”

GT Solar’s Silane Production Package is a modular equipment solution and basic engineering package that enables companies to construct silane plants and begin delivering silane gas within 24 months. The package includes design, fabrication, quality control, training and technical support services; as well as a modular silane production plant, complete with piping, instrumentation, and analytical equipment.

Silane (or monosilane) gas is one of the most widely used silicon-containing gases utilized in the production of the thin silicon layers that are the foundation for semiconductor and photovoltaic products, as well as flat panel displays.

June 15, 2009

Solars Down Sharply; Prices “In Free Fall”; Beware TSMC

Filed under: CSUN, DSTI, ESLR, FSLR, HOKU, JASO, SOLF, SOLR — Tags: , , , , , , — Jason @ 1:03 pm

Posted by Eric Savitz
barrons.com

Solar shares, which in recent weeks have staged a ferocious rally, are getting hammered today, as investors take profits amid concerns about pricing and demand in the sector. As I noted last week, even some of the smallest and most speculative solar names had taken off, making the sector look more than a little frothy. But with some smaller solar players running into trouble – Hoku Scientific (HOKU) on Friday said it might run out of cash before it can complete a planned polysilicon factory – the stocks today are losing ground.

In a research report late Friday, FBR Capital analyst Mehdi Hosseini said that product prices in the sector are falling more than expected. He says that while investors are anticipating “a hockey-stick shaped demand uptick in the U.S., China and other emerging countries,” he instead sees a slow roll-out of subsidies, tightened terms from financiers and over-hyped news items, some from untrustworthy sources.

Hosseini writes that declining prices are not stimulating demand as many had expected, and that the take-off of demand growth is being push into the first half 2010. “In this environment of unstable pricing and financing conditions…investors are better off staying on the sidelines and focusing more on poly manufacturers,” he writes, adding that with more than a quarter’s worth of finished goods in inventory, and weak end-market demand due tight finance conditions, Q2 EPS reports could be disappointing.

Hosseini writes that spot poly prices have fallen as low as $60/kg in the Asian market, though most is priced at the $65-$70/kg range, well below the $90-$95 price in early April. He says price for six-inch solar wafers have fallen as low at $3, with most sold in the $3.20-$3.40 range. Cell prices, he says, are in the $1.30 to $1.50/watt range, down from $1.80-$2 in early April.

Here’s a look at some of today’s biggest movers in the solar sector:

* Evergreen Solar (ESLR), a big winner last week, is down 25 cents, or 9.5%, to $2.37.
* GT Solar (SOLR) is down 94 cents, or 13.6%, to $5.95.
* JA Solar (JASO), which was downgraded today by Lazard Capital to Hold from Buy, is down 37 cents, or 6.5%, to $5.30.
* Solarfun (SOLF) is down 70 cents, or 9.1%, to $7.02.
* China Sunergy (CSUN) is down 50 cents, or 8.8%, to $5.19.
* First Solar (FSLR) is down $5.18, or 2.8%, to $178.62.
* DayStar (DSTI) is down 11 cents, or 11.4%, to 87 cents.

Update: One other thing. The New York Times on Saturday reported that Taiwan Semiconductor (TSM), the world’s leading contract chip manfuacturer, wants to get into the solar business, as well as the LED lighting market. The Times notes that TSMC is “one of the most formidable manufacturers on the planet,” and could drive down prices, as it did in the chip business. The piece notes that TSMC last week shifted CEO Rick TsaiMorris Chang, the company’s chairman and founder, to a new job targeted at finding new business opportunities.

May 26, 2009

Canadian Solar posts narrower-than-expected Q1 loss

Tue May 26, 2009 1:15pm EDT

* Q1 loss $0.13/shr vs. est loss of $0.25/shr

* Revenue falls more than 70 percent

* Sees Q2 margins in high-single digits

* Says aims to reach mid-teen margins by Q3-Q4

* Shares up 10 percent

By Arup Roychoudhury

BANGALORE, May 26 (Reuters) – Canadian Solar Inc (CSIQ) posted a narrower-than-expected loss for the first quarter and forecast sequentially higher second-quarter shipments.

“We expect our second-quarter shipment level will be significantly higher than that of the first quarter, reflecting improved solar installation levels around the world and increased demand for our high-quality and cost-competitive solar products,” the solar cell maker said in a statement.

Canadian Solar, however, cut its full-year shipments to a range of 200 to 220 MW, down from 300 to 350 MW it had forecast earlier, and adjusted its net revenue outlook to reflect the change.

The company, however, did not give a specific figure.

Previously, the company said it expected 2009 revenue between $600 million and $800 million.

“I think there is an uncertainty regarding visibility in demand in the solar industry in general,” Canaccord Adams analyst Jonathan Dorsheimer said by phone.

(more…)

May 18, 2009

Solar sector rises on utility demand

Filed under: FSLR, JASO, PCG, RSOL, SOLR — Tags: , , , , — Jason @ 3:46 pm

Solar stocks rise on expectations for rising utility demand, PG&E contract, energy bill

Monday May 18, 2009, 3:46 pm EDT

NEW YORK (AP) — The solar sector soared in Monday trading as last week’s record-setting solar thermal contract from Pacific Gas & Electric (PCG) signaled continued demand from utilities.

Shares also rose ahead of the much-anticipated energy bill, which investors expect will deliver generous provisions for solar energy once passed.

Last week, California utility Pacific Gas & Electric Co. signed new solar contracts with Oakland-based BrightSource Energy for a total of 1,310 megawatts of solar thermal power, the nation’s largest solar deal.

Raymond James analyst Pavel Molchanov said the deal signals solar power’s growing mainstream acceptance by utilities. Solar thermal power is economically viable only in areas of high-sunlight and is a utility-scale technology because it is used to power large, conventional turbines, Molchanov noted.

PG&E’s “mega-deal” for solar thermal power boosts demand from utilities for photovoltaic products as well. As this trend builds momentum, utilities could offer the industry the most durable source of photovoltaic demand.

Molchanov rated GT Solar International Inc. (SOLR), JA Solar Holdings Co. (JASO) and Real Goods Solar Inc. (RSOL) “Outperform.” He also recommended buying shares of First Solar Inc. (FSLR), which he rated “Strong Buy.”

Shares of GT Solar jumped 18 cents, or 3.4 percent, to $5.55 in afternoon trading. JA Solar shares rose 5 cents to $3.16. Real Goods Solar share rose 4 cents to $2.12. Shares of First Solar climbed $7.28, or 4.1 percent, to $184.71.

Elsewhere in the industry SunPower Corp. shares increased $1.35, or 5.4 percent, to $26.40. Trina Solar shares rose 62 cents, or 3.7 percent, to $17.53. Molchanov rated both these companies “Market Perform.”

May 12, 2009

GT Solar Q4 profit falls 59 pct; shares slide

Filed under: ENER, SOLR — Tags: , , , , — Jason @ 5:30 pm

Tue May 12, 2009 5:30pm EDT

* Q4 shr $0.08 vs $0.20 last yr

* Rev up 6 pct, but misses estimates

* Sees FY shr $0.45 to $0.60, Rev $450 mln to $550 mln

* Q4 gross margins fall to 28 pct

* Shares fall 15 pct

By Adveith Nair

BANGALORE, May 12 (Reuters) – GT Solar International Inc (SOLR) on Tuesday reported a 59 percent drop in quarterly profit, and the solar equipment maker also forecast full-year profit below market view, sending its shares down as much as 15 percent.

The company’s shares fell to a low of $6.05 in trading after the bell, after having closed at $7.22 in regular trade Tuesday.

“It was basically a top-line driven miss,” Raymond James analyst Pavel Molchanov told Reuters, adding that there was a significant difference in estimates and reported revenue.

The company said it saw slower spending by customers in its photovoltaic (PV) equipment business in the second half of its fiscal year, a trend, that it said was continuing in fiscal 2010.

Molchanov, however, said this was not surprising. “Given the oversupply across the PV value chain, companies are cutting capital expenditure. That, of course, translates into lower sales for GT Solar.”

On the outlook, Molchanov said sales were not going to be moving quite as well as previously thought.

“If you look at what they did in fiscal 2009, when revenue came in at about $541 million, they would have flat revenue at the high end of their outlook and would be down about 20 percent at the low end.”

The analyst said the outlook was not a “disaster.”

“This is a company that has good visibility. They gave guidance, which is better than some companies that are refusing to give any kind of guidance these days.”

(more…)

GT Solar International, Inc. Reports Results for Fourth Quarter and Fiscal Year 2009

Filed under: SOLR — Tags: , , , , , — Jason @ 4:15 pm

Record revenue of $541 million for year, net income of $88 million and EPS of $.61; Q4 revenue of $138.5 million, net income of $12 million and EPS of $.08; both periods included the effect of a $.05 per share charge

Tuesday May 12, 2009, 4:15 pm EDT

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR) (“GT Solar”), a global provider of specialized equipment and technology for the solar power industry, today reported results for its fourth quarter and fiscal year 2009, which ended March 28, 2009.

Revenue for the year totaled $541.0 million, up 122 percent over fiscal year 2008 revenue of $244.1 million, including $443.9 million in the photovoltaic (“PV”) segment (directional solidification system furnaces, spare parts, related products and turnkey solutions) and $97.1 million in the polysilicon segment (chemical vapor deposition reactors and related products). Bookings for the year came in at $411.0 million and included $137.0 million in the PV segment and $274.0 million in the polysilicon segment.

Gross profit for the year increased to $214.7 million, or 40 percent of revenue, compared to $92.3 million, or 38 percent of revenue for fiscal year 2008. Operating margin was $143.5 million or 27 percent of revenue, up 206 percent from $46.9 million, or 19 percent of revenue for fiscal year 2008. The company had net income of $88.0 million for fiscal 2009, versus $36.1 million for the last fiscal year. Earnings per share for the fiscal year on a fully diluted basis were $0.61, up 144 percent from $0.25 last fiscal year.

Revenue for the fourth fiscal quarter totaled $138.5 million, compared with $132.2 million in the fourth quarter of fiscal year 2008. Revenue for the fourth fiscal quarter included $137.3 million in the PV segment and $1.2 million in the polysilicon segment.

Gross profit for the fourth quarter totaled $39.5 million, or 28 percent of revenue, compared to $55.7 million, or 42 percent of revenue, for the fourth quarter of fiscal year 2008. Included in the fourth quarter gross profit was an $11.3 million charge related to the company’s cancellation of purchase orders with certain PV-related suppliers. Operating margin for the quarter was 15 percent, compared to 31 percent in the fourth quarter of fiscal 2008. The company had net income of $11.8 million in the fourth quarter of fiscal 2009 versus $28.5 million for the same quarter of fiscal 2008. Earnings per share in the fourth quarter on a fully diluted basis were $0.08, versus $0.20 for the same quarter last year. Fiscal year and fourth quarter 2009 earnings per share included the effect of the $0.05 per share charge mentioned above.

At quarter’s end, the company’s backlog was $1.18 billion, with $341 million in the PV segment and $836 million in the polysilicon segment.

Management Commentary

“Fiscal 2009 was a year of significant accomplishment for GT Solar in both our PV and polysilicon segments, as we grew revenue, maintained a healthy backlog, diversified our customer base, and advanced our leading technology position,” said Tom Zarrella, president and chief executive officer. “We believe we are solidly positioned for the long term with a differentiated business model, highly variable cost structure and strong balance sheet.

“Against the backdrop of the macroeconomic downturn, we saw slower spending by customers in our PV equipment business in the second half of our fiscal year, a trend that is continuing in fiscal 2010. In our polysilicon business, we expect to ship a significant portion of our reactor-based backlog over the next few months and recognize revenue later in fiscal year 2010. We are encouraged that many of our polysilicon customers continue to execute their projects in anticipation of the promising long-term future growth of solar.”

(more…)

April 9, 2009

GT Solar: Barclays Launches With Equal Weight Rating

Filed under: SOLR — Tags: , , , , — Jason @ 10:27 am

Posted by Eric Savitz
barrons.com

Barclays Capital analyst Vishal Shah this morning launched coverage of GT Solar (SOLR) with an Equal Weight rating and a price target of $6, a tad below yesterday’s close at $6.15. Shah expects the company to post profits of 69 cents a share in the March 2009 fiscal year, with 68 cents in fiscal 2010. His numbers are below the Street estimates of 71 cents for this year and 83 cents for next year.

Shah writes that “near-term order trends remain weak” in the market for solar cell manufacturing equipment, but that downside for SOLR should be limited by a strong balance sheet, cash flow generation capability and longer term secular growth prospects.

Shah thinks the solar equipment market will recover in 2010 due to new incentives in the U.S., China and Japan. But he also asserts that “increasing competition from China, decreasing capital intensity and customer concentration risk” will limit EPS growth.

Despite the cautious stance, SOLR shares this morning have jumped 69 cents, or 11.2%, to $6.84.

February 25, 2009

The Once-Hot Solar Industry Has Cooled Off, But For How Long?

Filed under: FSLR, JASO, LDK, SOLR, SPWR, STP, TSL — Tags: , , , , , , — Jason @ 6:40 pm

Wednesday February 25, 6:40 pm ET
Donna Howell
Investor’s Business Daily

Now approaching: solar energy’s apparent nadir.

Even as President Obama talked up hopes for solar energy in a speech Tuesday night, a few hours earlier one of the largest and best-positioned solar companies saw its shares plummet in after-hours trade.

Investors fretted over First Solar’s (FSLR) warning, on its late Tuesday earnings conference call, that the short-term industry outlook has never looked more difficult. In regular trading Wednesday, First Solar shares fell 21.8% to 107.65, a more than three-month low, though its profit and sales in the fourth quarter both more than doubled from the year-earlier period.

Other solar firms also tumbled. SunPower (SPWRA, SPWRB) sank 8%, GT Solar (SOLR) 7.4%, JA Solar (JASO) 6.3% and Suntech Power (STP) 5.7%.

One question now is how the sector will make it through the recession to a promised land of big-scale solar deployments, bolstered by government subsidies and possibly mandates. Some see a shakeout on the way, as firms do whatever they can to move products.

“Prices are falling dramatically, they’re starting to find that market bottom,” said Lux Research analyst Ted Sullivan. “Certain players weakened by that will fall out.”

He says global solar market revenue could dive 19% this year to $29 billion from $36 billion in 2008. He expects failures of “me-too players” with little to offer but capacity.

Price Cuts Considered

First Solar has an edge as the low-cost leader, selling a thin-film solar module it can now make for under a dollar a watt and sell for $2 a watt. Even with its lower cost, though, the company says it’s going to give customers more time to pay, invest in some of their projects and consider cutting prices on volume deals.

Meanwhile, rivals who use polysilicon and charge on average roughly $3.25 per watt could be pressured to slash prices 18% or more this year, says Jefferies & Co. analyst Paul Clegg.

(more…)

February 3, 2009

GT Solar swings to 3Q profit as sales skyrocket

Filed under: SOLR — Tags: , , , , — Jason @ 5:39 pm

Tuesday February 3, 5:39 pm ET

GT Solar International swings to fiscal 3rd-quarter profit as revenue skyrockets

MERRIMACK, N.H. (AP) — GT Solar International Inc. (SOLR), which provides equipment and technology for the solar-power industry, said Tuesday it swung to a fiscal third-quarter profit as sales skyrocketed.

For the September-to-December period, the company posted net income of $43.1 million, or 30 cents per share, compared with a loss of $4.5 million, or 3 cents per share, in the year-ago period.

Revenue jumped to $205.2 million from $14.7 million.

Analysts polled by Thomson Reuters expected, on average, earnings of 24 cents per share on revenue of $194.6 million. Analysts typically exclude one-time items.

“While we have seen an impact on some of our customers, whose ability to grow in the near term has been affected by the economic downturn, we continue to experience growth with a number of customers in both segments of our business,” President and Chief Executive Tom Zarella said in a statement. “We are also encouraged by recent new customer additions, particularly by the interest we are seeing from new well-capitalized entrants in the solar industry.”

Meanwhile, GT Solar guided its fiscal fourth-quarter profit and sales below Wall Street’s expectations. For the January-to-March period, the company expects to earn 16 cents to 22 cents per share on revenue of $140 million to $170 million.

Analysts polled by Thomson Reuters expect, on average, fiscal fourth-quarter earnings of 24 cents per share on revenue of $200.3 million. Analysts typically exclude one-time items.

For the fiscal year, GT Solar expects to earn 68 cents to 74 cents per share on revenue of $540 million to $570 million. Analysts expect fiscal year earnings of 72 cents per share on revenue of $592.2 million.

Shares rose 40 cents, or 11.9 percent, to $3.75 in aftermarket trading, after closing the regular session at $3.35.

GT Solar International, Inc. Reports Results for Fiscal Year 2009 Third Quarter

Filed under: SOLR — Tags: , , , , , — Jason @ 4:15 pm

Tuesday February 3, 4:15 pm ET

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR)

Highlights:

* Revenue of $205.2 million
* Backlog at $1.3 billion with new customer and installed base expansion
* Gross margin of 43.6%; operating margin at 34.6%
* Net income of $43.1 million or EPS of $0.30

GT Solar International, Inc. (“GT Solar”), a global provider of specialized equipment and technology for the solar power industry, today reported results for its fiscal year 2009 third quarter, which ended December 27, 2008.

Revenues for the third fiscal quarter totaled $205.2 million, up 46 percent from $140.2 million in the second fiscal quarter and compared with $14.7 million in the third quarter of fiscal year 2008. Revenues for the third fiscal quarter included $109.4 million in the photovoltaic (“PV”) segment of the business, which consists of Directional Solidification System (DSS) furnaces and related products, and $95.8 million in the polysilicon segment of the business, which consists of Chemical Vapor Deposition (CVD) reactors and related products. As anticipated, the third quarter revenues for the polysilicon segment included $91.5 million of revenue recognized from the first contract with DC Chemical.

Gross profit increased to $89.5 million, or 43.6 percent of revenues, compared to $1.7 million, or 11.8 percent of revenues in the third quarter of fiscal year 2008. Operating margin was 34.6 percent, compared to negative 60.4 percent in the third quarter of fiscal 2008. The company had net income of $43.1 million in the third quarter of fiscal 2009 versus a loss of $4.5 million for the same quarter of fiscal 2008. Earnings per share on a fully diluted basis were $0.30 versus a $0.03 loss for the same quarter last year.

At quarter’s end, the company’s backlog exceeded $1.3 billion with $493 million in the PV business and $837 million in the polysilicon business. Bookings for the quarter were $120.8 million. This included $63.0 million of bookings in the PV segment and $57.8 million in the polysilicon segment.

“Our third quarter results reflect the resilience of our business model with strong revenue performance, excellent operating and gross margins, and solid profitability” said Tom Zarrella, GT Solar’s president and chief executive officer. “While we have seen an impact on some of our customers, whose ability to grow in the near term has been affected by the economic downturn, we continue to experience growth with a number of customers in both segments of our business. We are also encouraged by recent new customer additions, particularly by the interest we are seeing from new well-capitalized entrants in the solar industry.”

(more…)

January 2, 2009

Analyst lowers solar outlook

Filed under: CSIQ, ESLR, LDK, SOL, SOLR — Tags: , , , — Jason @ 9:30 am

Friday January 2, 9:30 am ET

Piper Jaffray analyst lowers 1st-qtr solar outlook on seasonal demand decline, weakened market

NEW YORK (AP) — Piper Jaffray & Co. on Friday lowered its first-quarter estimates for five solar companies on low order visibility, seasonal demand decline and the deteriorating economy.

Jesse Pinchel, an analyst with Piper Jaffray, downgraded Canadian Solar Inc. (CSIQ) to “Sell” due to the company’s lowered selling price, weakened demand and expectations that the company will miss its production target in this struggling economic environment. Shares of Canadian Solar closed 2008 at $6.46 per share.

Pinchel also predicted a drop in demand for Evergreen Solar (ESLR) and lowered the company’s first-quarter profit estimates to a loss of 7 cents per share from an earlier estimate of a loss of 4 cents per share. Analysts polled by Thomson Reuters forecast a first-quarter loss of 3 cents per share. Pinchel said some customers may be particularly weak and forced to liquidate Evergreen Solar panels at cost in the near future. Shares of Evergreen Solar closed out at $3.19 per share in 2008.

China-based LDK Solar (LDK) will likely have a slight average price premium due to its relationship with customers outside of China and large prepayments, said Pinchel, who maintained the company’s “Neutral” rating, but decreased the price target to $11 from $12 on lower estimates. Shares of LDK closed at $13.12 on Wednesday.

Pinchel also lowered the price target for Renesola Ltd. (SOL) to $5 from $7.50 due to falling estimates for first-quarter performance. Pinchel said the company’s primary problem will be in volume, not pricing, and expects continued weakened demand through the mid year of 2009. Pinchel downgraded Renesola to “Neutral” from “Buy.” Shares of the company closed at $4.41 at the end of 2008.

Pinchel believes the significant recent drop in solar manufacturing activity will result in slower order growth for GT Solar International Inc.’s (SOLR) equipment backlog. Pinchel expects the company to reduce spending over the next few quarters, resulting in lower business performance in 2010. Pinchel maintained the company’s 2009 profit estimates at 70 cents per share, but lowered 2010 estimates to 85 cents per share from $1.06 per share. Analysts polled by Thomson Reuters predict 2009 and 2010 profits at 72 cents per share and 89 cents per share, respectively. Shares of GT Solar closed 2008 at $2.89 per share.

December 12, 2008

GT Solar Announces Workforce Reduction in Merrimack Production Facility; Maintains Full-Strength Employment in Reactors Business

Filed under: SOLR — Tags: , , , — Jason @ 2:06 pm

Friday December 12, 2:06 pm ET

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International (SOLR) today announced that it is reducing its production workforce at the company’s Merrimack solar furnace operations by 25 employees. Employment in all other segments and at the company’s other locations are being maintained at full strength based on continued strong demand for its polysilicon reactors.

The workforce reduction was related to slower directional solidification system (DSS) furnace production rates over the next six months as a result of the slower economy and several customer requests in this environment to delay shipments of DSS furnaces under existing contracts. The change in staffing levels was reflected in the annual revenue guidance for the fiscal year ending March 28, 2009 that the company provided in early November in conjunction with the announcement of results for the quarter that ended September 27, 2008. To date there have been no order cancellations.

“It is unfortunate that we were required to take this action and we regret the impact this will have on those affected employees and their families at this time of year,” said Tom Zarrella, president and chief executive officer of GT Solar. “We are making a special effort to help them with their transitions in the form of severance and outplacement services. Despite this near-term adjustment, our long-term outlook and competitive positioning in the solar industry remain strong based on our healthy backlog and balance sheet, our leading technology, and our flexible and highly-efficient business model.”

November 24, 2008

Solar stocks rise with broader market

Filed under: FSLR, JASO, SOLR, SPWR, TSL — Tags: , , — Jason @ 2:33 pm

Monday November 24, 2:33 pm ET

Solar stocks lift with market; analysts highly rate industry on strong US demand outlook

NEW YORK (AP) — Shares of solar companies rose on Monday along with the broader market and after analysts predicted strong future demand for the industry in the U.S.

Shares of SunPower Corp. (SPWRA) rose $7.45, or 36.2 percent, to $28.04. Raymond James analyst Pavel Molchanov said the solar cell and panel maker is well positioned to capitalize on strong long-term demand for photovoltaic modules in the U.S. utility market.

“In our view, SunPower’s track record for successfully developing and executing some of the world’s largest photovoltaic projects gives it a major edge when competing for utility contracts,” he said, adding that he reaffirms SunPower’s rating of “Strong Buy.”

Molchanov said the near-term global photovoltaic module demand is facing mounting macroeconomic challenges due to volatile currency swings, namely, the depreciation of the euro, and a tighter credit market, which is driving down average selling prices and squeezing gross margins across the industry.

Nonetheless, he said, “We take this opportunity to highlight a bright spot against the tough backdrop: one of the more durable sources of photovoltaic demand – the U.S. utility market.”

Molchanov rated other solar companies positively, including GT Solar International Inc. (SOLR) and JA Solar Holdings Co. (JASO), which he rated at “Strong Buy,” and First Solar Inc. (FSLR) and Trina Solar Ltd. (TSL), which he rated at “Outperform.”

GT Solar shares rose 32 cents, or 12.9 percent, to $2.81. Shares of JA Solar gained 70 cents, or 33.3 percent, to $2.80.

Shares of First Solar climbed $14.59, or 15.7 percent, to $107.25. Trina Solar shares lifted $1.32, or 20.8 percent, to $7.68.

Meanwhile, on Wall St., the Dow Jones industrial average and Nasdaq climbed more than 4 percent while the Standard & Poor’s 500 gained more than 5 percent in afternoon trading.

November 6, 2008

GT Solar International, Inc. Reports Results for Fiscal Year 2009 Second Quarter

Filed under: SOLR — Tags: , , , , , — Jason @ 4:15 pm

Thursday November 6, 4:15 pm ET

Highlights:
— Revenue of $140 million, up 71% year-over-year
— Backlog grows to $1.4 billion with new customer and installed base expansion
— Gross margin of 43.8%; operating margin at 31%
— Net income $27.9 million or EPS of $0.19

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR) (“GT Solar”), a global provider of specialized equipment and technology for the solar power industry, today reported results for its fiscal year 2009 second quarter, which ended September 27, 2008.

Revenues for the quarter increased 71 percent 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 percent of revenues, compared to $29.6 million, or 36.2 percent of revenues in the second quarter of fiscal year 2008. Operating margin was 31 percent, compared to 23 percent 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 chief executive officer. “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.

“We remain confident in our future as a leading equipment and technology supplier for the global solar power industry. We continue to believe that the photovoltaic industry is making progress in bringing solar power closer to parity with conventional energy sources and GT Solar is playing a critical role in that effort through our technology innovation and field-performance excellence.”

(more…)

Older Posts »

Create a free website or blog at WordPress.com.