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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.

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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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