GT Solar Changes CEOs; Provides FY Q2 Gudiance - Eric Savitz (Barron's)

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GT Solar Changes CEOs; Provides FY Q2 Gudiance
Nov 02, 2009 08:57 PM UTC

Eric Savitz (Barron's)

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Via BARRONS.com: Tech Trader Daily - Barron's Online:

GT Solar (SOLR) this morning announced that it has named Tom Gutierrez as President, CEO and a director. He replaces Tom Zarella. The change was effective October 28. The company, which sells manufacturing equipment to the solar sector, did not give a reason for the shift.

Gutierrez served as CEO from 2001 to 2008 of Xerium Technologies (XRM), a company that makes advanced synthetic textiles.

The company also said it expects to report revenue for the fiscal second quarter ended September 30 of $100 million to $105 million, with EPS of 6-7 cents a share. The Street had been expecting $86.8 million and 6 cents. GT Solar confirmed previous guidance for its fiscal year ending April 3, 2010 of revenue between $450 million and $550 million and profits of 45-60 cents a share.

SOLR today is down 14 cents, or 2.7%, to $5.11.

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