GT Advanced Tech says it may take loss in 3Q
NASHUA, N.H. (AP) — GT Advanced Technologies Inc. said Wednesday that it may take a loss in the third quarter because of delays in orders for about $50 million in business.
The company, which makes products used by the solar and LED industries, also said the European Union is considering levying tariffs on solar cells made in China. GT said tariffs could have a major effect on its customers in China and significantly reduce its business.
GT said its third-quarter results will range between a loss of 5 cents to net income of 2 cents. It said revenue of $110 million to $140 million. Analysts were forecasting net income of 21 cents per share and revenue of $169.4 million in the third quarter, according to estimates compiled by FactSet.
The company said it expects better results in the fourth quarter, including delivery of about $50 million in ASF business that was delayed from the third quarter. GT maintained its 2012 forecasts, calling for earnings of $1.30 to $1.40 per share and $925 million to $975 million in revenue.
The company also said Wednesday that it received a $29 million follow-on order for advanced sapphire furnace units from a customer in China. GT said it believes the units will be used will be used to make sapphire equipment for use in mobile devices. The order is included in the company's annual guidance.
Analysts expect income of $1.30 per share and $949.7 million for the full year on average.
Shares of GT Advanced Technologies lost as much as 6.2 percent in morning trading, but recovered those losses and gained 8 cents to $6.67.