GT Advanced Technologies (GTAT) Misses Q2 EPS by 2c; Revises FY14 EPS Outlook Above Consensus

GT Advanced Technologies (NASDAQ: GTAT) reported Q2 EPS of ($0.16), $0.02 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $58 million versus the consensus estimate of $63.94 million.

"Results during the second quarter were in line with our guidance," said Tom Gutierrez, president and chief executive officer. "We have continued to see strong interest in our suite of sapphire production tools, including our ASF™ equipment. In fact, the sapphire segment of our business accounted for over 75% of the revenue in the quarter, with the majority of it related to the sale of sapphire production equipment.

"The build-out of our Arizona facility, which has involved taking a 1.4 million square foot facility from a shell to a functional structure as well as the installation of sapphire growth and fabrication equipment, is nearly complete and we are commencing the transition to volume production," Gutierrez continued. "We remain confident about the long-term potential of the sapphire materials business for GT.

"The response from partners and potential customers for Merlin™ and Hyperion™, two of our high growth opportunities, has been very strong. We remain confident in our ability to achieve our 2016 non-GAAP earnings per share target of at or above $1.50. This is driven by the expected contributions of Merlin, Hyperion and our other new technology platforms, along with the growth of our sapphire, polysilicon and PV businesses," Gutierrez concluded.

GT Advanced Technologies sees FY2014 EPS of $0.12 - $0.18, versus the consensus of $0.03. GT Advanced Technologies sees FY2014 revenue of $600 - $700 million, versus the consensus of $666.80 million.

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

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