LDK Solar (LDK) Slashes Q2, FY11 Sales, Shipment Guidance
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LDK Solar Co. (NYSE: LDK) today revised its guidance for the second quarter of 2011 and fiscal 2011.
For the second quarter of 2011, LDK Solar revised its guidance for revenue to be in the range of $480 to $500 million from $710 to $760 million, wafer shipments between 410 and 430 megawatts from between 500 MW and 550 MW, module shipments between 75 MW and 80 MW from between 200 MW and 220 MW, in-house polysilicon production between 2,700 MT and 2,750 MT from 2,650 MT and 2,750 MT and in-house cell production between 120 MW and 125 MW.
As a result of the significant drop in market price for wafers and modules during the second quarter of 2011, LDK Solar expected to write-down $55 to $60 million of inventories and expected the gross margin for the second quarter of 2011 to be between 1.5% and 2.5%. The Company's cash and cash-equivalent balance was approximately $630 million as of June 30, 2011.
For fiscal 2011, LDK Solar revised its guidance for revenue to be in the range of $2.5 to $2.7 billion from $3.5 to $3.7 billion, wafer shipments between 1.8 gigawatts and 2.0 GW from 2.7 and 2.9 gigawatts, module shipments between 750 MW and 800 MW, in-house polysilicon production between 10,000 MT and 11,000 MT from 10,000 MT and 11,000 MT, in-house cell production between 600 MW and 700 MW from 500 MW and 600 MW and gross margins between 15% and 20% from 24% and 29%.
For the second quarter of 2011, LDK Solar revised its guidance for revenue to be in the range of $480 to $500 million from $710 to $760 million, wafer shipments between 410 and 430 megawatts from between 500 MW and 550 MW, module shipments between 75 MW and 80 MW from between 200 MW and 220 MW, in-house polysilicon production between 2,700 MT and 2,750 MT from 2,650 MT and 2,750 MT and in-house cell production between 120 MW and 125 MW.
As a result of the significant drop in market price for wafers and modules during the second quarter of 2011, LDK Solar expected to write-down $55 to $60 million of inventories and expected the gross margin for the second quarter of 2011 to be between 1.5% and 2.5%. The Company's cash and cash-equivalent balance was approximately $630 million as of June 30, 2011.
For fiscal 2011, LDK Solar revised its guidance for revenue to be in the range of $2.5 to $2.7 billion from $3.5 to $3.7 billion, wafer shipments between 1.8 gigawatts and 2.0 GW from 2.7 and 2.9 gigawatts, module shipments between 750 MW and 800 MW, in-house polysilicon production between 10,000 MT and 11,000 MT from 10,000 MT and 11,000 MT, in-house cell production between 600 MW and 700 MW from 500 MW and 600 MW and gross margins between 15% and 20% from 24% and 29%.
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