The Q2 EPS beat had much to do with GT's gross margin of 34.8%, -120 bps Y/Y but +1120 bps Q/Q and above expectations.
Orders only totaled $14M ($6M for solar DSS equipment, $8M for sapphire equipment), down from Q1's $16.6M ($9.4M solar DSS, $7M sapphire, $0.2M other). Backlog at end of Q2 was $702M, down from $851M at end of Q1.
Cash/equivalents totaled $294.7M at end of Q2, down from $320.2M at end of Q1. Total debt amounted to $260.4M (up slightly Q/Q).
CEO Tom Gutierrez: "We continue to believe that our sapphire business will be the key driver for the balance of this year and we are confident we will resume shipments of [advanced sapphire furnace] units in [2H]."
R&D spend +33% to $18.5M, sales/marketing +7% to $4.1M, G&A +9% to $16.5M.
GTAT +7.1% AH
Q2 results, PR