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What: Shares of GT Advanced Technologies (NASDAQOTH:GTATQ) have soared over 13% today after the solar component maker reported second-quarter results after yesterday's close that trounced Wall Street's expectations on the bottom line.
So what: GTAT's earnings report showed flattish revenue, which increased only 1% to $168.3 million -- short of the $169.0 million top-line analysts had sought. However, GTAT's earnings of $0.15 per share came in well above the Street's $0.10 consensus estimate. The company didn't adjust its full-year guidance, which still stands at $500 million-$600 million for revenue and $0.25-$0.45 for EPS, but both of these ranges still reach beyond the analyst consensus. Wall Street had been looking for $527.1 million in revenue and $0.29 in EPS.
Now what: Solar stocks have been all the rage in 2013, and GTAT is no exception, as it's now nearly doubled since the start of the year. Bear in mind that GTAT is still unprofitable on a GAAP basis, but that looks to change soon, as only the first quarter of 2013 remains as a net negative on the company's books out of the four most recent quarters on record. The company's full-year projections peg its forward P/E in the range of 13-24, which is well within reason for a resurgent sector that still has a lot of growth potential left.
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