August 4, 2014 / 8:46 PM / in 3 years

GT Advanced expects adjusted profit above Street on higher margins

Aug 4 (Reuters) - Solar and LED equipment maker GT Advanced Technologies Inc forecast full-year 2014 adjusted profit well above analysts’ expectations, citing higher gross margins for the second half of the year.

Shares of the company, which reported second-quarter results below the average analyst estimate, were up 11.2 percent in extended trading.

GT Advanced forecast full-year adjusted profit of between 12-18 cents per share on revenue of between $600 million and $700 million for fiscal year ending Dec. 31.

Analysts were expecting a profit of 3 cents per share on revenue of $666.8 million, according to Thomson Reuters I/B/E/S.

GT Advanced is expected to benefit from an agreement to provide sapphire materials to Apple Inc and gains from improving polysilicon prices.

GT Advanced’s shares closed at $14.12 on the Nasdaq on Monday. (Reporting By Aurindom Mukherjee in Bangalore; Editing by Sriraj Kalluvila)

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