GT Advance Technologies Earnings: Here’s Why the Stock is Up Now
GT Advance Technologies Inc. (NASDAQ:GTAT) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.65%.
GT Advance Technologies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.15 in the quarter versus EPS of $0.12 in the year-earlier quarter.
Revenue: Decreased 33.15% to $102.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: GT Advance Technologies Inc. reported adjusted EPS loss of $0.15 per share. By that measure, the company missed the mean analyst estimate of $-0.08. It missed the average revenue estimate of $271.25 million.
Quoting Management: “Our Q4 results came in largely as expected as we continue to face challenging conditions in the solar and LED markets,” said Tom Gutierrez, president and chief executive officer. “We have taken steps to resize the business and manage our balance sheet and believe 2013 will be a year during which we continue to strengthen our foundation and further diversify the business.”
Key Stats (on next page)…