MERRIMACK, N.H.--(BUSINESS WIRE)--GT Solar International, Inc. (NASDAQ: 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.”
Business Outlook
The company indicated today 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 percent.
Conference Call, Webcast
The company will host a live conference call and webcast at 5:00 p.m. Eastern Time today with Tom Gutierrez, president and chief executive officer, and Rich Johnson, vice president of finance.
To listen to the conference call, callers in the United States and Canada may dial 1.800.510.9834. International callers may dial 1.617.614.3669. The conference call passcode is SOLR. A link to the live audio webcast of the company's earnings conference call may be found under ‘Events’ at http://investor.gtsolar.com/.
A telephone replay will be available through January 8, 2010. To listen to the replay, callers in the United States and Canada may dial 1.888.286.8010. International callers may dial 1.617.801.6888. The replay passcode is 18866870.
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