GTAT expects 2012 Q4 revenue to fall 36% year-on-year

Recently, GT Advanced Technologies, a Merrimack photovoltaic equipment manufacturer based in New Hampshire, USA, announced its financial forecast for the fourth quarter of fiscal 2012. GTAT forecasts that Q4 revenue for 2012 will fall 36% year-on-year, ranging from $95 million to $102 million.

GTAT expects fiscal 2013 revenues to be between $500 million and $600 million, with 57% of revenue coming from the sapphire business and 42% from the polysilicon business, which will remain profitable in 2013.

GTAT President and CEO Tom Gutierrez said: "Our financial forecasts reflect weak market conditions, a tight credit environment for solar and LED industries, and a challenging macro environment."

GTAT expects total revenue for fiscal year 2012 to be between $7.62 and $733 million, with 62% of sales coming from the polysilicon sector, 31% from the sapphire sector and 7% from the solar sector. In the fourth quarter of 2012, research and development costs ranged from $23 million to $25 million.

Affected by the overcapacity of the global photovoltaic industry, the price of photovoltaic equipment fell sharply. The profit of each large PV equipment manufacturer declined. GTAT predicts that the fiscal sector's sales in fiscal 2013 will account for only 1% of total revenue.

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