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TheStreet Open House

GT Advanced Technologies (GTAT) Climbs After Reiterating Guidance

NEW YORK ( TheStreet) -- GT Advanced Technologies (GTAT) was climbing higher on Tuesday after Goldman Sachs initiated coverage at a "buy" and as the company's management reiterated its financial guidance.

By late morning, shares had added 7.7% to $16.20.

After the bell Monday, GT Advanced Technologies said it had delayed the filing of its 10-K form, an annual summary of its financial performance as required by the SEC. The company said the delay was because it had not yet completed an internal review of a potential decrease in current tax liability.

Management confirmed the resolution will not have an impact on previously issued guidance and financial results reported on Feb. 24.

The SEC permits an extension to file the 10-K by March 18.

The New Hampshire-based business said it expects revenue and profitability to be backend loaded in 2014, with its sapphire materials business improving throughout the year.

The company expects net income between 2 cents and 18 cents a share for the full year. Analysts surveyed by Thomson Reuters forecast net income of 9 cents a share. Total sales guidance of $600 million to $800 million is in line with consensus of $687.82 million.

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