GT Advanced Technologies (NASDAQ:GTAT) Soars After Smaller Than Expected Losses

Technology Stocks News 1

GT Advanced Technologies (NASDAQ:GTAT) was higher more than 8% in early trading Monday, having earlier hit $13.47 – its highest level since July 2011 – after reporting a Q4 loss that was smaller than analysts had expected, while its FY guidance straddled estimates.

The maker of materials for the consumer electronics, power electronics, solar and LED industries said its Q1 non-GAAP loss widened to $0.26 per share from a loss of $0.15 the year earlier, but was less than the $0.36 loss expected by analysts polled by Capital IQ. Sales meanwhile were slightly weaker than expected, dropping to $32.6 million from $102.3 million, below the $36.8 million consensus.

GT Advanced Technologies said 2014 will be a “transformational year”, in which it builds a “sapphire materials business while continuing to invest in the new technologies that will drive its equipment business in 2015 and beyond.”

For FY14, the company expects revenue from $600 million to $800 million compared to the $692 million estimate and EPS between $0.02 to $0.18 versus the $0.07 average estimate. In Q1, sales are seen at $20 million to $30 million and the EPS loss is seen between $0.20 and $0.25. The Q1 guidance compares to the analysts’ estimates of $123 million in sales and a $0.07 loss per share.

 

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