GT Advance Technologies Inc. (NASDAQ:GTAT) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 6.18%.
GT Advance Technologies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 6.25% to $0.15 in the quarter versus EPS of $0.16 in the year-earlier quarter.
Revenue: Rose 0.63% to $168.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: GT Advance Technologies Inc. reported adjusted EPS income of $0.15 per share. By that measure, the company beat the mean analyst estimate of $0.09. It missed the average revenue estimate of $169.01 million.
Quoting Management: “We were pleased with our performance in the second quarter. Against the backdrop of continuing challenges in our served markets, we delivered on-target revenue and outperformed with earnings, gross margin and cash,” said Tom Gutierrez, president and chief executive officer. “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 ASF units in the second half of this year. This is based on recent positive developments in the LED market combined with the progress we have made in developing opportunities for our sapphire business in new markets outside of LED.”
Key Stats (on next page)…