GT Solar gives early 2Q profit look, changes CEO

posted: 23 DAYS 7 HOURS AGO

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MERRIMACK, N.H. -GT Solar International Inc. announced a preliminary second-quarter profit on Monday well ahead of what analysts had been expecting.

The maker of equipment and technology for the solar power industry said it expects to earn $9 million to $10 million, or 6 to 7 cents per share, for the quarter that ended Sept. 26. It expects revenue between $100 million to $105 million.

Analysts surveyed by Thomson Reuters had been expecting a profit of 6 cents per share on revenue of $86.8 million.

For the full year that ends April 3, it reaffirmed its guidance for revenue between $450 million and $550 million, and a profit of 45 cents to 60 cents per share.

Analysts are expecting a profit of 50 cents per share on revenue of $505.7 million.

The company said it would report quarterly results the week of Nov. 9.

Also Monday, GT Solar said it replaced its CEO last week.

Company spokeswoman Susan Vaillancourt said Tom Zarrella, who had been president and CEO since 2007, was replaced because "the board believes that the time is right for a new, more experienced CEO" as the company continues to grow and evolve.

Zarrella, 53, had also been a director at GT Solar.

He was replaced by Tom Gutierrez, 61, who was named president, CEO, and as a director.

The company said the change was effective Oct. 28.

GT Solar shares fell 14 cents, or 2.8 percent, to close at $5.11.

2009-11-02 17:11:07