Palm Beach, FL 11/8/11 (StreetBeat) --Solar and LED equipment maker GT Advanced Technologies Inc (Nasdaq: GTAT) forecast dismal third-quarter results, hurt by lower demand for its photovoltaic products, sending its shares down 8 percent.GT, previously known as GT Solar International, on Monday posted a profit that beat analysts' estimates for the eighth straight quarter but cut its full-year earnings and sales outlook.
GT's Chief Financial Officer Richard Gaynor speaking with analysts on a conference call on Tuesday forecast third-quarter earnings of 5-10 cents per share. Analysts had expected 29 cents a share, according to Thomson Reuters I/B/E/S.
Revenue is projected to be $140-$155 million, compared with market estimates of $218.4 million.
"We have now concluded, based on market conditions, that approximately $120 million of PV revenue or nearly 50 percent of the Q2-ending PV backlog will likely shift into fiscal 2013," Gaynor said on the call.
The company's shares fell as much as 10 percent to $8.00 in early trade on Tuesday on Nasdaq.
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