GT Solar (SOLR) returned to quarter over quarter growth after two sub par quarters in the last half of last year. The company posted strong results and beat Wall St estimates after the bell yesterday.
The company reported an EPS of .23 vs the Wall St estimate of .19 on revenues of $194.7 million vs the Wall St estimate of $183 million. That’s quarter over quarter growth of 77% on the EPS side and 41% on the revenue side. They were only $10 million away from their record revenue quarter at the end of 08.
Looking ahead, the company is about in-line with analyst estimates after guiding to the upper end of its previous range. They see FY11 EPS of .55 – .65, vs the analyst estimate of .60 and revenues of $550 – $600 million vs the estimate of $578 million.
CEO Tom Gutierrez commented on the strength in Asia:
“The continued higher order rates we have been experiencing for our DSS furnaces since the third fiscal quarter led to a strong finish to the fiscal year. Many of our Asian PV customers are running at high utilization rates and making significant investments to increase capacity and better position themselves as low cost, high quality suppliers."