For the first quarter, GT Advanced reported a loss of -22 cents a share, in-line with the Capital IQ Consensus Estimate. Revenue fell -61.1% year-over-year to $22.5 million for the quarter. Analysts expected revenue of $26.94 million for the quarter.
GT Advanced received a prepayment of $111 million from Apple (AAPL) in the first quarter to finance its sapphire production. The company has received $440 million of the $578 million in prepayments it can receive from Apple.
Looking forward to the full-year 2014 GT Advanced reiterated its guidance of revenue of between $600 million and $800 million, and EPS of 2 cents to 18 cents a share. Analysts expect revenue of $693.8 million and earnings of 10 cents a share for the year.
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"GT Advanced Technologies Inc. is diversified technology company with crystal growth equipment and solutions for the global solar, light emitting diode (LED) and electronics industries. The Company operates in three segments: its polysilicon business, its photovoltaic (PV), business and its sapphire business. The Company's principal products are Silicon Deposition Reactors (SDR) and related equipment used to produce polysilicon, the key raw material used in silicon-based solar wafers and cells; Advanced sapphire crystallization furnaces (ASF) which are used to crystallize sapphire boules, and Directional solidification (DSS) furnaces and related equipment used to cast multicrystalline and MonoCast crystalline silicon ingots. On January 7, 2013, the Company announced the idling of its HiCz pilot manufacturing facility in Hazelwood, Missouri. In May 2013, the Company acquired the business of Thermal Technology LLC."