GT Solar sees order push out pressure ease as quarterly sales top US$200 million


GT Solar International, Inc. (NASDAQ: SOLR), noted that its current backlog stood at US$1.3 billion after releasing its third quarter results that saw revenue reach US$205.2 million, a 46% increase over the previous quarter. Billings were boosted in the quarter with revenue recognition of a US$91.5 million contact for polysilicon reactors from major start-up DC Chemical.

Due to extended delivery times for its polysilicon reactors in particular, concern had recently been raised over order push outs and possible cancellations that could impact its business in light of the credit crisis affecting the financing of polysilicon production projects and wafer/cell production expansions.

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However, company executives noted in a conference call with financial analysts that some of its largest customers based in China are now discussing the restarting of shipments on current equipment contracts. GT Solar executives highlighted that these discussions were being undertaken in the next few months, signalling the possible easing of credit from China banks as government stimulus packages work through the system.

GT Solar also noted in the call that it had won several new customers in the quarter, including its first order with 6N Silicon. Unidentified new customers included one from Europe and a major Chinese conglomerate that was said to be well capitalised.


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