GT Solar bullish over business as revenue guidance rises

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

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.

26 January 2022
Join this free webinar for our analysis of the growth of N-Type technology including; new capacity expansions and production output. We'll also be looking at the global manufacturing footprint with forecasts on how much product will be made outside of China this year and which companies are driving technology change across the crystalline silicon value chain.
23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.
7 March 2022
Take your chance to join the most powerful platform in the MENA region. Middle East Energy (MEE), Intersolar, and ees, the leading energy exhibitions are joining hands to co-deliver an outstanding renewables and energy storage event at Middle East Energy 2021. Renewables and energy storage at MEE is the largest gathering of solar and renewable energy industry professionals in the Middle East & Africa, offering the most effective trade focused platform to international manufacturers and distributors looking to meet regional buyers.
8 March 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 March 2022
When it comes to storage, the US market exceeded a gigawatt of advanced energy storage installations (weighted towards lithium ion) at 1.46 GW, more than the previous six years in total! An exponential growth rate could see the market hit 7.5 GW p.a. by 2025. The summit will provide a wealth of content around this vital piece in the US power puzzle, with sessions dedicated to explore how companies are making money from batteries, the latest chemistries and their applications as they apply to different use-cases. We ask how investors can match ESG criteria to batteries and we will bring case studies of successful deployment and project execution onto the stage to examine how you can ensure your own projects are successful.
29 March 2022
Now in its 10th sell-out year, Large Scale Solar returns to Lisbon in 2022. We are excited to gather together face-to-face with the European solar industry as we provide unique and exclusive access to a powerful selection of the market's key stakeholders. Join this elite summit to find out how the market is maturing, which new markets are becoming more exciting, how technology is evolving and who's driving the market forward into the 2020s. Always senior, packed with developers, EPCs, utilities and investors this is the event for companies serious about European solar PV.

Read Next

January 16, 2022
The US Government has appealed against the reinstatement of an exemption from Section 201 tariffs for bifacial modules.
January 14, 2022
The US Department of Energy (DOE) has launched a “Building a Better Grid” initiative to catalyse the development of “new and upgraded high-capacity electric transmission lines” across the US under President Joe Biden’s US$1 trillion Bipartisan Infrastructure Law.
January 14, 2022
Module manufacturer and energy solutions company Q CELLS has entered into a strategic partnership with development and financing firm Kendall Sustainable Infrastructure (KSI) to collaborate on project co-development and financing.
PV Tech Premium
January 14, 2022
Raising more than US$1 billion in equity capital in the past year, US independent power producer (IPP) Silicon Ranch is looking to expand its model of developing, owning and operating large-scale PV plants while maintaining a strategy of co-locating projects with regenerative agriculture.
January 14, 2022
SMA Solar has cut its earnings forecast for the year by more than half pending a contract issue affecting its operations and maintenance business.  
January 14, 2022
Changzhou Better Film plans to invest RMB800 million (US$125 million) into establishing 20GW of ethylene vinyl acetate (EVA) production in the Chinese city of Chuzhou.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal