On February 1st, 2012 GT Advanced Technologies Inc. (Merrimack, New Hampshire, U.S.) released results for its most recent financial quarter, reporting a 30% decrease in revenues to USD 153 million and a sharp decline in new orders for solar photovoltaic (PV) manufacturing equipment. Despite these declines the company earned a net profit of USD 66 million during the quarter.

GT's third quarter of its fiscal year 2012 ended on December 31st, 2011. On January 31st, 2012 GT entered into a credit agreement with Bank of America, N.A. (Charlotte, North Carolina, U.S.), RBS Citizens (Providence, Rhode Island, U.S.) and other lenders which includes a USD 75 million loan facility and a USD 175 million revolving credit facility.

“We performed at the top end of our guidance for revenue and above our gross profit and earnings per share guidance, sustaining our track record of meeting or exceeding expectations," states GT President and CEO Tom Gutierrez.

"We continue to have one of the strongest balance sheets in the industry. This enables us to continue to invest strategically in new product technology and initiatives to further diversify the company and add new growth opportunities."


GT maintains strong backlog as PV orders fall sharply

GT maintains a strong order backlog of USD 2.2 billion, including 1.1 billion in its polysilicon segment and USD 212 million in its PV segment. This backlog includes USD 431 million of deferred revenue.

GT's polysilicon business led in revenues during the quarter as well, with USD 87.4 million in polysilicon revenues, USD 34.4 million in PV revenues and USD 31 million in its sapphire segment.

New orders show sharp differences between business segments. The company brought in USD 218 million in polysilicon orders during the quarter but only USD 900,000 in PV orders, a strong indicator of the current lack of appetite in the PV industry for capacity additions.

GT notes that during its third quarter FY 2012 it received its first ever reactor booking from an incumbent polysilicon manufacturer, as well as maintaining a positive book-to-bill ratio in the division.


GT profits decrease as sales decline in FY 2012

Over the first nine months of its fiscal year (FY) 2012, GT revenues have slumped to USD 602 million, compared to USD 627 million in the first nine months of FY 2011.

The company saw a slight decrease in its net income to USD 104 million during this period, compared to USD 123 million in the first nine months of FY 2011. Nine-month operating margins also fell to 27% from 30% year-to-year.

2012-02-02| Courtesy: GT Advanced Technologies | solarserver.com © Heindl Server GmbH

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