GT Solar Profit Falls 15% But Tops Street View

GT Solar International Inc.'s (SOLR) fiscal third-quarter profit fell 15% but easily topped Wall Street expectations as the solar-wafer maker saw increased business from key customers in Asia.

The results led the company to say it now expects its results for the year to be at the top end of its previous guidance, which was for earnings of 52 cents to 60 cents a share on revenue of $500 million to $550 million.

The stock soared 13% to $6.80 in after-hours trading on the news. The stock has doubled in the past year.

GT Solar reported earnings of $36.8 million, or 25 cents a share, down from $43.1 million, or 30 cents a share, a year earlier. Revenue fell 15% to $173.6 million, but the figure surged 67% from the fiscal second quarter.

Analysts polled by Thomson Reuters expected earnings of 15 cents a share on revenue of $145 million.

Gross margin widened to 44.2% from 43.6% a year earlier and 32.9% in the previous quarter.

Labels: Earnings, GT Solar International Inc., Solar Stocks, SOLR

posted by Ertai at 9:28 AM