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

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

By: AFX | 09 Nov 2009 | 05:35 PM ET

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LOS ANGELES, Nov 9 (Reuters) - Solar equipment maker GT Solar International Inc reported its profit fell by two-thirds but it maintained its previous outlook for the fiscal year. 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. The profit narrowly missed Wall Street analysts' average forecast of 7 cents per share, according to Thomson Reuters I/B/E/S. 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. Revenue was $104.2 million, topping analysts' estimate of $101.82 million, according to Thomson Reuters I/B/E/S. The company backed its previous outlook for the fiscal year of revenue of $450 million to $550 million and earnings per share of 45 cents to 60 cents. For the full fiscal year, analysts are looking for $502.69 million in revenue and earnings of 51 cents per share, according to Thomson Reuters I/B/E/S. GT Solar said it received $30.7 million in new orders during the period and its backlog was $1.03 billion at the end of the quarter. GT Solar shares were flat in after-hours trading after closing up 5.7 percent at $5.54 on the Nasdaq. (Reporting by Laura Isensee; editing by Andre Grenon) Keywords: ag GTSOLAR (laura.isensee@thomsonreuters.com; Los Angeles Bureau +213 380 2014) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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