LDK Solar (LDK) Posts Q1 Results; Q2 Outlook Casts Shadow
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LDK Solar (NYSE: LDK) shares are about flat in Tuesday's after-hours session following first-quarter earnings from the China-based PV manufacturer.
Revenue jumped 120 percent to $766.34 million, slightly lower than the $769.45 million Street consensus.
Net income fell 9.2 percent on a sequential basis from $149.24 million to $135.52 million, or $0.95 per share. The number beat the 86 cents sought by the Street.
Shipments in the quarter were 118.7-MW of modules and 631.5-MW of wafers.
"During the first quarter, we made notable progress and executed on our growth strategy while improving our margin profile. This progress was made despite seasonality in the macro environment and regulatory uncertainties in Europe," CEO Xiaofeng Peng commented. "Going forward, we expect to continue to use free cash flow to pay down debt, while also continuing to evaluate opportunities to convert short-term to long-term obligations."
Looking ahead, LDK sees second-quarter revenue of $710 - $760 million, shy of the Street consensus of $771.7 million. Additionally, wafer shipments are expected to be lighter at 500 to 550-MW. Gross margin will decline sharply from 31.5 percent this quarter to a range of 22 to 26 percent.
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Revenue jumped 120 percent to $766.34 million, slightly lower than the $769.45 million Street consensus.
Net income fell 9.2 percent on a sequential basis from $149.24 million to $135.52 million, or $0.95 per share. The number beat the 86 cents sought by the Street.
Shipments in the quarter were 118.7-MW of modules and 631.5-MW of wafers.
"During the first quarter, we made notable progress and executed on our growth strategy while improving our margin profile. This progress was made despite seasonality in the macro environment and regulatory uncertainties in Europe," CEO Xiaofeng Peng commented. "Going forward, we expect to continue to use free cash flow to pay down debt, while also continuing to evaluate opportunities to convert short-term to long-term obligations."
Looking ahead, LDK sees second-quarter revenue of $710 - $760 million, shy of the Street consensus of $771.7 million. Additionally, wafer shipments are expected to be lighter at 500 to 550-MW. Gross margin will decline sharply from 31.5 percent this quarter to a range of 22 to 26 percent.
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