UPDATE 2-GT Solar Q4 profit falls 59 pct; shares slide

Tue May 12, 2009 10:30pm BST
 
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* Q4 shr $0.08 vs $0.20 last yr

* Rev up 6 pct, but misses estimates

* Sees FY shr $0.45 to $0.60, Rev $450 mln to $550 mln

* Q4 gross margins fall to 28 pct

* Shares fall 15 pct (Recasts, adds details, analyst comment, updates share movement)

By Adveith Nair

BANGALORE, May 12 (Reuters) - GT Solar International Inc (SOLR.O) on Tuesday reported a 59 percent drop in quarterly profit, and the solar equipment maker also forecast full-year profit below market view, sending its shares down as much as 15 percent.

The company's shares fell to a low of $6.05 in trading after the bell, after having closed at $7.22 in regular trade Tuesday.

"It was basically a top-line driven miss," Raymond James analyst Pavel Molchanov told Reuters, adding that there was a significant difference in estimates and reported revenue.  Continued...

 

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