GT Advanced Technologies (GTAT) Posts Q1 Loss of 22c/Share; Affirms Outlook

GT Advanced Technologies (NASDAQ: GTAT) reported Q1 EPS of ($0.22), $0.01 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $22.5 million versus the consensus estimate of $26.94 million.

"Our results for the March quarter were in line with our expectations," said Tom Gutierrez, president and chief executive officer. "We continue to expect that 2014 will be a transformational and significant year for GT as our sapphire materials business ramps up and we continue to execute on our strategy of investing in new technologies that will help drive growth in 2015 and beyond.

"With respect to our Arizona project, we have now received three of the four prepayments from Apple," Gutierrez continued. "We continue to expect our sapphire segment to contribute meaningfully to revenue this year.

"In addition, the favorable dynamics in our served markets continue to drive renewed customer interest in our ASF™, Polysilicon, HiCz™, and DSS™ solutions. Beyond these product lines, we continue to make significant progress with new game-changing technologies such as our Merlin™ solar module metallization and interconnect solution, our Hyperion™ ion implanter and the recently announced initiatives to develop coating and bonding solutions."

Cash, Backlog and Orders

The company ended the quarter with $509 million of cash, cash equivalents and restricted cash, compared to $593 million in December.

During the first quarter the company received its second prepayment from Apple in the amount of $111 million. Shortly after the end of the first quarter, the company received its third prepayment from Apple in the amount of $103 million, which is not reflected in the first quarter's ending balance sheet. Inclusive of the third prepayment, the company has received approximately $440 million out of the $578 million total prepayments that it is eligible to receive under the agreement with Apple. The company expects that the total prepayments it receives from Apple will fully fund its capital outlays related to the project in Arizona.

Equipment orders booked during the quarter were $29 million, including $15 million in PV and $14 million in Sapphire. The company ended the quarter with $609 million of equipment backlog, consisting of $300 million of ASF™ orders, $296 million of polysilicon orders and $13 million related to PV equipment. Subsequent to the close of the quarter, the company booked a $58 million order for high temperature specialty furnaces, which will be reflected in the Q2 reported backlog.

GT Advanced Technologies reaffirmed FY2014 guidance.

For earnings history and earnings-related data on GT Advanced Technologies (GTAT) click here.

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