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.
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