Merrimack, New Hampshire United StatesGT Solar has reported results for its fourth quarter and fiscal year 2011, which ended April 2, 2011.
Revenue for the fourth quarter of fiscal 2011 totaled $271.6 million, compared to $262.9 million in the third quarter of fiscal 2011 and $194.7 million in the fourth quarter of fiscal 2010. Revenue by business segment for the fourth fiscal quarter of 2011 was $79.2 million in polysilicon, $186.0 million in photovoltaic (PV), and $6.4 million in the sapphire segment, all of which was sapphire materials revenue. Revenue for fiscal 2011 was $899.0 million, approximately 65% growth over fiscal 2010 revenue of $544.2 million. Revenue by business segment for fiscal 2011 was $143.6 million in polysilicon, $740.1 million in photovoltaic (PV), and $15.3 million in the sapphire segment, all of which was sapphire materials revenue.
Gross profit for the fourth quarter of fiscal 2011 totaled $116.9 million, or 43.0 percent of revenue, compared to $122.1 million, or 46.4 percent of revenue in the third quarter of fiscal 2011 and $73.1 million, or 37.5 percent of revenue for the fourth quarter of fiscal 2010. Gross margin for fiscal 2011 was 42.0 percent with a gross profit of $378.0 million compared to a gross margin of 40.2 percent and gross profit of $219.0 million for fiscal 2010.
Operating margin for the fourth quarter of fiscal 2011 was 30.5 percent of revenue, compared to 36.1 percent of revenue in the third quarter of fiscal 2011 and 28.4 percent in the fourth quarter of fiscal 2010. Operating margin for fiscal 2011 was 30.4 percent, compared with 26.5 percent in fiscal 2010.
The company had net income of $51.9 million in the fourth quarter of fiscal 2011 compared to $63.6 million in the third quarter of fiscal 2011 and $33.3 million for the fourth quarter of fiscal 2010. Earnings per share in the fourth quarter of fiscal 2011 on a fully-diluted basis were $0.41, versus $0.46 for the third quarter of fiscal 2011 and $0.23 for the fourth quarter of fiscal 2010. Net income for fiscal 2011 was a record $174.8 million compared to $87.3 million for fiscal 2010. This resulted in a fully diluted EPS of $1.24 per share for fiscal 2011, more than double the fully diluted EPS for fiscal 2010 of $0.60 per share.
Cash and cash equivalents at the end of the fourth quarter of fiscal 2011 were $362.7 million, up from $320.4 million dollars of cash and cash equivalents at the end of the third quarter of fiscal 2011 and $250.7 million of cash, cash equivalents and short-term investments at the end of the fourth quarter of fiscal 2010. In addition, we had debt of $120.3 million at the end of the fourth quarter of fiscal 2011, down from $125.0 million of debt at the end of the third quarter of fiscal 2011 and no debt at the end of the fourth quarter of fiscal 2010.
As of April 2, 2011, the company’s backlog was $1.19 billion, with $536.7 million in the polysilicon segment, $468.1 million in the PV segment and $184.2 million in the sapphire segment. Included in the total backlog was $445.5 million of deferred revenue. Net new orders for the quarter were $234.2 million, which included $14.7 million in polysilicon, $125.1 million in PV and $94.4 million in sapphire.
The company raised its fiscal 2012 guidance for revenue to a range of $1.0 billion to $1.1 billion, up from the previously provided range of $850 million to $1.0 billion. Based on estimated weighted average diluted shares outstanding of approximately 131 million for the full fiscal year, fully diluted earnings per share are expected to be in the range of $1.55 to $1.85, up from the previously provided range of $1.25 to $1.50. The company expects gross margins for fiscal year 2012 to be in the range of 42 percent to 44 percent.
“Our strong fourth quarter performance caps an outstanding year for GT and its shareholders,” said Tom Gutierrez, president and chief executive officer. “We achieved record revenues in fiscal year 2011 on 65 percent year-over-year growth and we more than doubled our earnings per share. We concluded the year with a strong balance sheet and cash position, while utilizing $203.5 million of cash to buy back 26.5 million shares from our private equity investor.
“This fiscal year, we shipped a record number of DSS furnaces to maintain our strong market position in the PV sector of our business. In our polysilicon business we saw increased activity that we believe provides the basis for continued growth in fiscal year 2012 and beyond.
“We took an important strategic step to diversify the business in fiscal 2011 with the acquisition of Crystal Systems, which has allowed us to enter the high-growth sapphire business. Our sapphire substrate business continues to be fully booked and our sapphire equipment business has developed rapidly with over $484 million of orders booked as of today.
“GT’s overall business outlook remains strong. We booked over $230 million of new business in the fourth quarter, bringing total net bookings for the year to over $1.1 billion and our backlog as of April 2nd to approximately $1.2 billion. The healthy pace of business has continued into the new fiscal year with an additional $722 million of orders booked so far in the first quarter of fiscal year 2012.
No comments:
Post a Comment