GT Advanced Technologies Inc. reported unaudited consolidated earnings results for the first quarter ended March 29, 2014. For the quarter, the company reported revenues of USD 22.510 million compared to USD 57.776 million a year ago. Loss from operations was USD 54.638 million compared to USD 26.324 million a year ago. Loss before income taxes was USD 66.583 million compared to USD 33.520 million a year ago. Net loss was USD 41.397 million compared to USD 18.681 million a year ago. Basic and diluted net loss per share was USD 0.31 compared to USD 0.16 a year ago. Non-GAAP operating income was USD 40.788 million compared to USD 14.596 million a year ago. Non-GAAP net loss was USD 30.132 million or USD 0.22 per diluted share compared to USD 8.929 million or USD 0.07 per diluted share a year ago. The quarter-over-quarter change reflects approximately USD 50 million of cash used in operating activities and CapEx of USD 153 million, which was partially offset by the receipt of the second Apple prepayment of USD 111 million during the quarter.

The company reiterated earnings guidance for the year 2014. For the year, the company expects revenue in the range of USD 600 million to USD 800 million, non-GAAP gross margin in the range of 25% to 27%, and fully diluted non-GAAP earnings per share in the range of USD 0.02 to USD 0.18. Non-GAAP gross margins are expected to be in a range of 25% to 27%. The company expects non-GAAP OpEx of USD 150 million to USD 160 million. The company plans to invest USD 600 million in CapEx weighted towards the first half of the year. The non-GAAP effective tax rate is expected to be 35% for the year.

The company reported that it's target remains to generate over a USD 1 billion of revenue in 2015, and to deliver non-GAAP earnings at or above USD 1.50 per share in 2016.

For the second quarter, the company expects revenues in a range of USD 40 million to USD 80 million, reflecting the timing of ASF165 introduction, and the expectations regarding revenue recognition associated with the specialty furnace order.