LDK Solar (LDK) Slashes Q3, FY11 Outlook on Lower Module Prices
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For the third quarter of 2011, LDK Solar (NYSE: LDK) revised its guidance for revenue to be in the range of $460 to $470 million, wafer shipments between 285 and 290 megawatts (MW), module shipments between 185 MW and 190 MW, in-house polysilicon production between 2,850 MT and 2,900 MT and in-house cell production between 295 MW and 300 MW. As a result of the rapidly declining market price for wafers and modules during the third quarter of 2011, LDK Solar expects to write-down $45 to $50 million of inventories and expects the gross margin for the third quarter of 2011 to be between negative 3.5% and 5.0%.
The company previously forecasted third quarter 2011 revenue in the range of $630 million to $680 million with wafer shipments between 350 MW and 400 MW, module shipments between 250 MW and 300 MW, in-house polysilicon production between 2,600 MT and 2,700 MT, in-house cell production between 200 MW and 220 MW and gross margin between 11% and 16%.
The Street is looking for Q3 revs of $616.9 million.
For fiscal 2011, LDK Solar revised its guidance for revenue to be in the range of $2.20 to $2.25 billion, wafer shipments between 1.55 gigawatts (GW) and 1.65 GW, module shipments between 550 MW and 650 MW, in-house polysilicon production between 10,000 MT and 11,000 MT, in-house cell production between 600 MW and 700 MW and gross margins between 9% and 12%.
The company previously forecasted fiscal 2011 revenue in the range of $2.5 to $2.7 billion with wafer shipments between 1.8 GW and 2.0 GW, module shipments between 750 MW and 800 MW, in-house polysilicon production between 10,000 MT and 11,000 MT, in-house cell production between 600 MW and 700 MW and gross margin between 15% and 20%.
The Street was looking for revs of $2.50 billion.
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The company previously forecasted third quarter 2011 revenue in the range of $630 million to $680 million with wafer shipments between 350 MW and 400 MW, module shipments between 250 MW and 300 MW, in-house polysilicon production between 2,600 MT and 2,700 MT, in-house cell production between 200 MW and 220 MW and gross margin between 11% and 16%.
The Street is looking for Q3 revs of $616.9 million.
For fiscal 2011, LDK Solar revised its guidance for revenue to be in the range of $2.20 to $2.25 billion, wafer shipments between 1.55 gigawatts (GW) and 1.65 GW, module shipments between 550 MW and 650 MW, in-house polysilicon production between 10,000 MT and 11,000 MT, in-house cell production between 600 MW and 700 MW and gross margins between 9% and 12%.
The company previously forecasted fiscal 2011 revenue in the range of $2.5 to $2.7 billion with wafer shipments between 1.8 GW and 2.0 GW, module shipments between 750 MW and 800 MW, in-house polysilicon production between 10,000 MT and 11,000 MT, in-house cell production between 600 MW and 700 MW and gross margin between 15% and 20%.
The Street was looking for revs of $2.50 billion.
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