GT Advanced Technologies, Apple’s partner in a new sapphire plant in Arizona, todayannounced earnings for the fourth quarter of 2013 while also providing a forward look at what will be a “transformational” year for the company. The company’s comments help put into perspective just how large the deal with Apple is, with significant ramping heading into the second half of this year and into 2015.
“Our arrangement to supply sapphire materials to Apple is progressing well and we started to build out the facility in Arizona and staff the operation during the quarter,” said Gutierrez. “We are pleased to have Apple as a sapphire customer and to be in a position to leverage our proprietary know-how to enable the supply of this versatile material. While our primary focus during the balance of the year is to continue to execute on our commitments in Arizona, our aim is to position GT not only as an exceptional sapphire supplier to Apple but also as an unparalleled world-class supplier of sapphire material and equipment to a variety of customers.
As part of the deal with Apple, GT halted sales of its sapphire production furnaces in order to focus on building out capacity for Apple, a move that resulted in a drastic reduction in GT’s revenue for the latter half of 2013 and saw the company’s full-year revenue drop to $299 million in 2013 from $733.5 million in 2012.
Read the rest of the article at MacRumors.