GT Solar reports record gross margin and revenue growth

While GT Solar’s Q1 2012 revenue fell by around $40 million from quarter four (Q4) 2011, it is up 71 percent from the 135.2 million recorded in Q1 2011. Polysilicon and photovoltaic business segments comprised the majority of revenue, $23.9 and $198.6 million respectively.

Gross profit Q1 2012 was $113.4 million, which is close to 50 percent of revenue. This is an improvement on 43 percent of revenue of Q4 2011 and 34 percent Q1 2011. Earnings per share equaled $0.41 in Q1 2012, which is the same as Q4 2011 however significantly higher than the $0.11 reported in Q1 2011.

GT Solar also reported a highest level of quarter-ending backlog of $2.3 billion, which included $369.6 in PV and $978.2 million in the polysilicon segment.

"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, President and Chief Executive Officer. "Bolstered by our $2.3 billion backlog position, we are confident in our ability to achieve our full-year 2012 guidance and also believe that we have built a solid foundation for continued growth in full-year 2013 and beyond."