×
×
homepage logo
LOGIN
SUBSCRIBE

GT Advanced Technologies posts highest backlog for Q1 of FY2012

By Staff | Aug 24, 2011

GT Advanced Technologies Inc., formerly GT Solar International Inc., announced results for its first quarter of fiscal year 2012 last week, including the highest level of quarter-ending backlog ever achieved by the company, with $2.3 billion.

GT’s first quarter for FY2012 ended July 2.

The company’s $2.3 billion backlog includes $978.2 million in the polysilicon segment, $369.6 million in the PV segment and $952.5 million in the sapphire segment as well as $395.7 million of deferred revenue.

GT’s first quarter revenue totaled $231.1 million, compared to $271.6 million last quarter and up 71 percent from the $135.2 million of revenue in the first quarter of fiscal 2011.

Revenue by business segment for the first quarter of fiscal 2012 was $23.9 million in polysilicon, $198.6 million in photovoltaic (PV), and $8.6 million in the sapphire segment, all of which was sapphire materials revenue.

Gross profit for the first quarter of fiscal 2012 totaled $113.4 million, or 49.1 percent of revenue, up from $116.9 million, or 43.0 percent of revenue in the fourth quarter of fiscal 2011 and $45.9 million, or 34.0 percent of revenue for the first quarter of fiscal 2011.

The company had net income of $52.1 million in the first quarter of fiscal 2012 compared to $51.9 million in the fourth quarter of fiscal 2011 and $16.5 million for the first quarter of fiscal 2011.

Cash and cash equivalents at the end of the first quarter of fiscal 2012 were $473.4 million, up from $362.7 million at the end of the fourth quarter of fiscal 2011 and compared to $276.4 million of cash and short term investments at the end of the first quarter of fiscal 2011.

The company had debt of $95.6 million at the end of the first quarter of fiscal 2012, down from $120.3 million at the end of the fourth quarter of fiscal 2011 and zero debt at the end of the first quarter of fiscal 2011.

Net new orders for the first quarter were $1.3 billion, which included $464.7 million in polysilicon, $95.2 million in PV and $776.8 million in sapphire.

“We were pleased to deliver strong top and bottom line performance in the first quarter as well as record gross margin percentage, bookings, backlog and cash balance,” said Tom Gutierrez, GT president and CEO, in a statement. “These results stem from our continued leadership across all of our business segments driven by our focus on innovation, superior service, and excellent product performance.”

For more information on GT’s Q1 results, visit www.gtat.com or http://investor.gtsolar.com.

Maryalice Gill can be reached at 594-6490 or mgill@nashuatelegraph.com.

Newsletter

Join thousands already receiving our daily newsletter.

Interests
Are you a paying subscriber to the newspaper? *