Polysilicon business bolsters order backlog at GT Advanced Technologies

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  Polysilicon equipment segment continued to be the key earner generating revenue of US$87.4 million.
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  The company expected the backlog to be more than US$1.7 billion by the end of FY4Q12.

Third quarter revenue at GT Advanced Technologies (GTAT) was inline with guidance at US$153.0 million, compared to US$217.7 million in the second quarter of fiscal 2011 and US$262.9 million in the third quarter of fiscal 2011. Polysilicon equipment segment continued to be the key earner, generating revenue of US$87.4 million. Recent new orders in this segment pushed its order backlog to US$2.2 billion. GTAT had a book to bill ratio of 1.3.

GTAT reported, revenue for the first nine months of FY2012 will reach US$601.8 million, compared to US$627.4 million of revenue for the first nine months of fiscal 2011. Gross profit in the quarter reached US$66.0 million, compared to US$95.1 million, in the second quarter.

“We saw continued success in our polysilicon business, including our first ever reactor booking with an incumbent manufacturer,” noted Tom Gutierrez, president and chief executive officer. “This helped drive a positive book-to-bill ratio and strengthened our overall backlog to US$2.2 billion at quarter’s end. Our reactors and supporting technologies continue to be validated as the industry’s most technologically-advanced and efficient solutions for building viable polysilicon production facilities.”

GTAT revenue by business segment for the quarter was US$87.4 million in polysilicon, US$34.4 million in photovoltaic and US$31.2 million in the sapphire segment.

However, according to the Jeffries analyst, Jesse Pichel in a research note, GTAT’s backlog is expected to decline to less than US$1.8 billion next quarter, while the net booking could be negative.

GTAT produced net bookings of US$201.7 million after a US$27.2 million adjustment.

“The company expected the backlog to be more than US$1.7 billion by the end of FY4Q12. If we assume the backlog was US$2.17 billion at the end of FY3Q12 and FY4Q12 revenue was US$400 million, the backlog would have been $1.77 billion if the net booking is zero,” noted Pichel in the research note.

The company reiterated revenue guidance for FY2012 to be in the range of US$950 million to US $1.05 billion.