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GT Advanced Technologies has issued some adjustments and also reiterated parts of its financial guidance. The company echoed its earlier outlook in terms of its CY 2012, with revenue expected in the range of US$925 million to US$975 million. However, guidance for Q3 2012, which ends September 29, has been adjusted so that revenue for the quarter is now expected to be between US$110 million and US$140 million.
In August, GT expected Q3 2012 revenue to range between US$150 million and US$180 million. The shift in Q3 guidance came after the delivery of nearly US$50 million of contracted high-margin ASF’s was moved to Q4 2012. GT reiterated that it still expects to reach CY2012 guidance with revenue and per-share earnings bouncing back in Q4.
GT additionally commented on the potential of the European Commission imposing tariffs on solar products imported from China. The company noted that tariffs in Europe could lead to new PV-related business for the company if manufacturers add capacity and newer technology outside of China. However, in the interim, it expects for its PV business activity to remain depressed.
GT noted that it does not yet know the possible effects that the European trade developments may have on its CY13 financial reports, but it intends to watch for developments and work with its customers to evaluate the situation. If needed, GT stated that it is prepared to use its flexible business model to take cost cutting actions, which it knows could be significant.