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GT Solar

GT Solar

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Published by sommer_ronald5741
Company Focus: GT Solar International
Company Focus: GT Solar International

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Published by: sommer_ronald5741 on Aug 29, 2010
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06/30/2011

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This post was published to Measured Approach at 1:14:42 PM 8/29/2010
Company Focus: GT Solar International, Inc.
Account
GT Solar International, Inc. (Nasdaq: SOLR)is a provider of polysilicon production technology,and sapphire and silicon crystalline growth systems and materials for the solar, LED and otherspecialty markets. The Companys principal products are:*Chemical vapor deposition (CVD) reactors and related equipment used to producepolysilicon, the key raw material used in silicon-based solar wafers and cells; and*Directional solidification systems (DSS) furnaces and related equipment used to castmulticrystalline ingots by melting and cooling polisilicon in a precisely controlledprocess. These ingots are used to make photovoltaic (PV) wafers which are, in turn, usedto make solar cells.GT Solar recently acquired the privately-held Crystal Systems, Inc. Crystal Systems is acrystalline growth technology company that manufactures large area sapphire substrates usedin the LED, defense, medical and aerospace industries.GT Solars 1Q11 ended July 3, 2010. Revenue for this quarter totaled $135.2 million, comparedto $194.7 million in 4Q10, a 30.5% sequential decline and $71.8 million in 1Q10, an 88.3%increase. Revenue for the first quarter included $23.7 million in the polysilicon segment and$111.5 million in the photovoltaic (PV) segment. In the twelve month period ending July 2010,sales rose to $607.6 million from the FY10 total of $544.2 million, an 11.6% change. Theconsensus estimate of nine analysts following SOLR is for FY11 revenues to come in at $735.32million. Estimates range from $596.3 million to $782.7 million.The Company had net income of $16.5 million in 1Q11, as compared to $33.3 million in 4Q10and $7.8 million in 1Q10. Earnings per share in 1Q11 on a fully diluted basis were $0.11, versus$0.23 in 4Q10 and $0.05 in 1Q10. The consensus forecast for FY11 is $0.93. The estimates rangefrom $0.85 to $0.97. Analysts are revising their estimates both up and down.The balance sheet is strong with cash and short term investments totaling $276.5 million at theend of 1Q11. The Company reports no long term debt. Total liabilities are $545.5 million. GTSolar reports strong and growing free cash flow per share. As of 1Q11, GT Solar reportedtrailing twelve month FCF of $0.78/share as compared to $0.98/share in FY10 and $0.57 inFY09.The Company is consistent in generating gross profits. Since FY06, the gross margin has rangedfrom 37.8% to 40.2% with an average of 39.11%. Operating margins have improved from a lowof -44.0% in FY06 to 26.4% in FY10 and 25.6% for the twelve month period ending 7/10. Netmargins have also changed from a low of -46.6% in FY06 to 16.0$ in FY10 and 15.8% in thetrailing twelve months. The company does not pay a dividend.
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