GT Solar bullish over business as revenue guidance rises

A significant increase in sales and bookings has forced GT Solar to raise its revenue guidance after reporting on its second fiscal quarter sales of US$229.3 million. This represented nearly a 70% growth over reported sales of US$135.2 million in the first quarter of fiscal 2011 and approximately 120% growth over the second quarter of last fiscal year when sales were reported at US$104.2 million. GT Solar reported an order backlog of US$1.16 billion, with US$544.6 million in its polysilicon segment and US$601.1 million in its PV segment.

The company increased its fiscal year 2011 revenue guidance to between US$775 million and US$850 million, up from the previously provided range of US$700 million to US$775 million.

“We had another outstanding quarter, growing the business sequentially, as well as year-over-year,” commented Tom Gutierrez, President and Chief Executive Officer. “The increase in business activity that started to develop at the end of last calendar year continued through our second fiscal quarter. The sustained strength in PV bookings in our Q2 and the first five weeks of Q3, combined with the continued stability and potential of our polysilicon business, provide the basis for us to significantly increase our guidance for the balance of the fiscal year.”

In related news GT solar announced that it had received an order for its polysilicon production technology and related engineering services, which would be used in India’s first large-scale commercial polysilicon production facility.

GT Solar also reported it had a net income of US$42.8 million, approximately 160% higher than the US$16.5 million reported in the first fiscal quarter of 2011 and growth of over 350% versus US$9.4 million for the second quarter of last fiscal year.

Revenue by business segment saw sales in its polysilicon segment reach US$23.3 million and US$202.8 million in its photovoltaic segment, largely due to DSS crystallization furnace sales. Revenue of US$3.2 million was attributed to its sapphire materials following the acquisition of Crystal Systems that was completed during the quarter.

“We are feeling increasingly confident in our outlook for fiscal 2012 due to several factors– the buildup of potential orders in our sapphire business, the healthy state of our order backlog, the continuing demand we are seeing from PV customers and the developing polysilicon order trends that we expect for the balance of this fiscal year,” added Gutierrez.