UPDATE 3-GT Solar 2nd-quarter profit falls by two-thirds

Mon Nov 9, 2009 11:10pm GMT
 
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* Q2 EPS 6 cents/share vs 7 cents/share estimate

* Q2 revenue at $104.2 mln vs view of $101.82 mln

* Company backs FY '10 revenue, EPS outlook

* Shares fall 5 pct to $5.25 in after hours trading (Adds chief executive comments, updates shares)

LOS ANGELES, Nov 9 (Reuters) - Solar equipment maker GT Solar International Inc (SOLR.O) reported on Monday that its profit fell by two-thirds but it maintained its previous outlook for the fiscal year.

GT Solar's new chief executive Tom Gutierrez said the company will develop new products and enlarge the company's footprint in the solar industry.

"We will rely on internal development and consider external acquisition of key technologies as necessary," Gutierrez said on a conference call with analysts.

Like other solar companies, GT Solar has been hit by the credit crisis, which has dried up financing for new projects, and by a fall in prices.

Net income in the fiscal second quarter fell to $9.4 million, or 6 cents per share, compared with $27.9 million, or 19 cents per share, a year ago.  Continued...

 

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