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.Must read: Warren Buffett's 10 Favorite Growth Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. Warren Buffett's 10 Favorite Growth Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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