GT Solar (SOLR) Q1 Earnings Crush Street Views, Shares Rally

Shares of GT Solar International Inc. (SOLR) are up 12 percent to stand at $7.80 as of 12:56 ET, after earlier surging as much as 14.00%, the highest intraday price since May 2009.

The supplier of equipment to solar manufacturers said it had first-quarter net income of $16.5 millilon, or 11 cents a share, from $7.8 million, or 5 cents a share, in the year-ago period. Revenue skyrocketed nearly 90 percent to $135.1 million, from $71.8 million, crushing Street average estimates for a profit of 4 cents a share on revenue of $73.1 million.

Looking ahead, GT Solar said it expects revenue of $700 million to $775 million and sees fiscal 2011 EPS $0.90-$1, sharply higher than the consensus target for earnings of 64 cents a share and revenue of $597.5 million.

“The increase in business activity that we saw in the latter half of fiscal year 2010 continued to build throughout the first quarter of our new fiscal year, leading to a very strong performance,” said in a statement Tom Gutierrez, GT Solar president and chief executive officer. “We exceeded our top line expectations with over $135 million of revenue, had over $352 million of net new bookings, and exited the quarter with a backlog of more than $1 billion.

Shares of GT are higher on the session by 13.11%, currently trading at $7.85. The stock hit a high of $7.98 earlier in the day.

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