Boston, MA 03/05/2014 (wallstreetpr) - GT Advanced Technologies Inc. (NASDAQ:GTAT) shares were surging up in the market, on Tuesday trading session after Goldman Sachs reiterated a “Buy” rating for the company’s stock. This was as a result of the company management providing good financial guidance for the current quarter and full year. The New Hampshire based business expects its revenues for the current quarter and full year to grow with its sapphire business also expected to do well.
GTA results for December were in line with given guidance with the company expecting the growth trajectory to continue in the current quarter. The company’s revenue has heavily been bolstered by its supply deal of sapphire material to Apple. The management plans to position GT Advanced Technologies Inc. (NASDAQ:GTAT) not only as a sapphire supplier to Apple but also to other customers across the globe.
Fourth quarter Report
GT Advanced Technologies Inc. (NASDAQ:GTAT) fourth quarter revenue was heavily affected by the company’s decision to forego the sales of ASF equipment and focused more on building its sapphire business. Revenue for the fourth quarter as a result was down coming in at $32.6 million compared to highs of $40.3 million registered for the same quarter in F2012. Revenue for full year also slowed by double digits coming in at $299 million against highs of $733.5 million registered in F2012.
GT Advanced Technologies Inc. (NASDAQ:GTAT) cash, cash equivalent and restricted cash as of December 31 stood at $593 million with a debt of 283.9 million. This was slightly lower to the same of $418.1 million registered in December 2012 with a debt of $297 million
GT Advanced Technologies Inc. (NASDAQ:GTAT) expects 2014 to be a transformational year in terms of profitability levels as a result of its sapphire deal with Apple. The company expects total revenue for the year to hit high marks of between $600 million and $800 million with 15% of the revenue expected to be achieved in the first quarter.
GT Advanced Technologies Inc. (NASDAQ:GTAT) closed Tuesday trading session at $16.70 after moving up by 11.04%.