GT Solar International, Inc. (NASDAQ: SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, reported results for its third quarter of fiscal year 2010, which ended December 26, 2009.
Revenue for the third fiscal quarter totaled $173.6 million, compared with $104.2 million in the second fiscal quarter and $205.2 million in the third quarter of fiscal year 2009. Revenue for the third fiscal quarter included $40.3 million in the PV segment and $133.3 million in the polysilicon segment.
Gross profit for the quarter totaled $76.7 million, or 44.2 percent of revenue, compared to $34.3 million, or 32.9 percent of revenue, in the second fiscal quarter and $89.5 million, or 43.6 percent of revenue, for the third quarter of fiscal year 2009. Gross margin for the first nine months of fiscal year 2010 was 41.7 percent. Operating margin for the quarter was 33.2 percent, compared to 14.8 percent in the second fiscal quarter and 34.6 percent in the third quarter of fiscal 2009. Operating margin for the first nine months of fiscal year 2010 was 25.4 percent. The company had net income of $36.8 million in the third fiscal quarter, versus $9.4 million in the second fiscal quarter and $43.1 million for the third quarter of fiscal 2009. Earnings per share in the third quarter on a fully diluted basis were $0.25, versus $0.06 for the second fiscal quarter and $0.30 for the third quarter of fiscal 2009.
At quarter’s end, the company’s backlog was $857 million, with $254 million in the PV segment and $603 million in the polysilicon segment. New orders for the quarter of $58.8 million were offset by a comparable amount of de-bookings and adjustments for the quarter.
Tags: earnings, GT Solar International, profit
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