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Solar Market Sinks Results at GT Advanced Technologies

Travis Hoium
November 7, 2012

All indications pointed to a bad quarter for GT Advanced Technologies (Nasdaq: GTAT  ) , and now that the numbers are out the market seems to be breathing a sigh of relief. The company isn't collapsing and there appears to be some light at the end of the tunnel. Although, when we reach that light is anybody's guess.

PV continues to slide
The solar market is oversupplied and GT benefited from this build-out by supplying more polysilicon and PV equipment than the world needed. Now it's time to pay the piper, and demand has cratered in these markets.

In the third quarter, the company sold just $1.6 million of PV equipment, down from $111.2 million a year earlier, and polysilicon sales were down slightly to $95.9 million.

The challenge is that solar manufacturers like LDK Solar (NYSE: LDK