Monday, GT Solar International, Inc. (SOLR), a provider of equipment and services for the solar power industry, reported a lower profit for the second quarter of its fiscal 2010. While reported earnings fell short of the Street's expectations by a cent, revenue beat estimates. The company also reaffirmed its earlier guidance for fiscal 2010.
The Merrimack, New Hampshire-based company's second-quarter net income plunged to $9.4 million or $0.06 per share from $27.9 million or $0.19 per share a year ago. On average, six analysts polled by Thomson Reuters estimated earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the second quarter declined to $104.2 million from $140.2 million in the year-earlier quarter. Analysts expected revenues of $101.82 million for the quarter.
Second-quarter revenue included $62.4 million in the photo voltaic segment and $41.8 million in the polysilicon segment.
Gross profit for the quarter totaled $34.3 million, or 32.9% of revenue, compared to $61.4 million, or 43.8% of revenue, for the second quarter of fiscal year 2009.
Income from operations decreased to $15.44 million from $43.17 million in the year-earlier quarter.
At the end of the quarter, the company had a backlog of $1.03 billion, with $279 million in the photo voltaic segment and $752 million in the polysilicon segment.
For the six-month period, the company's net income decreased to $17.21 million or 0.12 per share from $33.09 million or $0.23 per share in the similar period of 2008. Revenue for the period declined to $176.01 million from $197.27 million in the year-earlier period.
Looking forward, the company reaffirmed its previous guidance for fiscal 2010 and continues to expect earnings per share between $0.45 and $0.60 on revenues in the range of $450 million to $550 million. Analysts, on a consensus, currently expect earnings of $0.51 per share on revenues of $502.69 million.
SOLR closed Monday's regular trading at $5.54, up $0.30 or 5.73%, on a volume of 523 thousand shares on the Nasdaq.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.