GT Advanced Technologies Posts Q3 Loss - Quick Facts

(RTTNews) - GT Advanced Technologies Inc. (GTAT) Monday reported third-quarter loss of $38.1 million or $0.31 per share, compared to a profit of $2.3 million or $0.02 per share in the same period last year.

Adjusted loss for the quarter was $19.4 million or $0.16 per share. On average, nine analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues declined to $40.3 million from $110.1 million last year. Analysts expected revenues of $92.50 million.

Looking ahead, the company currently projects full-year loss in the range of $0.40 to $0.50 per share, with revenues ranging between $290 million and $320 million. Analysts currently expect the company to report full-year earnings of $0.32 per share on revenues of $525.80 million.

The company has also announced a multi-year supply agreement with Apple Inc. (AAPL) to provide sapphire material for a consideration of $578 million.

Under the terms of agreement, GT will own and operate ASF furnaces and related equipment to produce the material at an Apple facility in Arizona where GT expects to employ over 700 people.

GT will reimburse Apple for the prepayment over five years, starting in 2015.