GT Advanced Technologies Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 29, 2014; Reiterates Earnings Guidance for the Year 2014; Provides Revenue Guidance for the Year of 2015; Provides Earnings Guidance for the Year of 2016 and Second Quarter of 2014
The company reiterated earnings guidance for the year 2014. For the year, the company expects revenue in the range of USD 600 million to USD 800 million, non-GAAP gross margin in the range of 25% to 27%, and fully diluted non-GAAP earnings per share in the range of USD 0.02 to USD 0.18. Non-GAAP gross margins are expected to be in a range of 25% to 27%. The company expects non-GAAP OpEx of USD 150 million to USD 160 million. The company plans to invest USD 600 million in CapEx weighted towards the first half of the year. The non-GAAP effective tax rate is expected to be 35% for the year.
The company reported that it's target remains to generate over a USD 1 billion of revenue in 2015, and to deliver non-GAAP earnings at or above USD 1.50 per share in 2016.
For the second quarter, the company expects revenues in a range of USD 40 million to USD 80 million, reflecting the timing of ASF165 introduction, and the expectations regarding revenue recognition associated with the specialty furnace order.