GT Solar Slides 23% on Weak Outlook – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/20151/GT+Solar+Slides+23%25+on+Weak+Outlook+-+Zacks+Tale+of+the+TapePosted on Wednesday, May 13th, 2009 | In Market Commentary, Stocks to Watch
Shares of GT Solar International Inc. (SOLR) plunged more than 23% after issuing a weak outlook and missing fourth-quarter expectations.
The maker of photovoltaic (PV) equipment said it anticipates full-year earnings of 45 cents to 60 cents per share. The guidance is lower than the consensus estimate of 79 cents per share, which is derived from 9 covering analysts.
GT Solar also expects revenues of $450 million to $550 million in the current fiscal year.
“We saw slower spending by customers in our PV equipment business in the second half of our fiscal year, a trend that is continuing in fiscal 2010,” said CEO Tom Zarrella.
Meanwhile, GT Solar’s fourth-quarter earnings came in at 8 cents per share, which missed the consensus estimate by more than 55%.
SOLR, a Zacks #4 Rank (”Sell”) stock, is trading on extraordinarily high volume of approximately 4.5 million, compared to average daily volume of about 1.5 million.
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