LDK Solar Revises Fourth Quarter 2011 Guidance, Announces Date for Reporting Fourth Quarter 2011 Results and Provides Outlook for Fiscal 2012
Published on Monday, 19 March 2012 03:16 Written by TradersHuddle Staff
XINYU CITY, China and SUNNYVALE, Calif., March 19, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar" or the "Company") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, today revised its guidance for the fourth quarter of 2011. Additionally, the Company announced that it will report financial results for the fourth quarter ended December 31, 2011 before the market opens on Thursday, April 12, 2012. The company will host a corresponding conference call and live webcast at 8:00 a.m. Eastern Time (ET) the same day.
For the fourth quarter of 2011, LDK Solar revised its guidance for revenue to be in the range of $440 to $450 million, wafer shipments between 215 and 220 megawatts (MW), cells and module shipments between 250 MW and 260 MW, in-house polysilicon production between 2,100 MT and 2,300 MT and in-house cell production between 130 MW and 150 MW.
The Company previously forecasted fourth quarter revenue to be in the range of $440 million to $520 million with wafer shipments between 200 MW and 270 MW, and module shipments between 180 MW and 270 MW, in-house polysilicon production between 2,200 MT and 2,800 MT, in-house cell production between 220 MW and 250 MW.
As a result of the rapidly declining market price for wafers and modules during the fourth quarter of 2011, LDK Solar expects to incur a write-down of inventories, realize impairment charges on contractual purchase agreements, and therefore, expects gross margin to be negative. In addition, some provisions for accounts receivable and fixed assets may also be required.
For fiscal 2012, LDK Solar estimates its revenue in the range of $2.0 billion to $2.7 billion, polysilicon production between 12,000 MT and 15,000 MT, of which shipments to 3rd party customers are expected to be between 6,000 MT and 8,000 MT, wafer production between 2.7 gigawatts (GW) and 3.3 GW, of which shipments to 3rd party customers are expected to be between 1.5 GW and 2.0 GW, in-house cell production between 1.2 GW and 1.6 GW, and module production between 1.2 GW and 1.6 GW, with cell and module shipments to 3rd party customers between 1.0 GW and 1.3 GW, inverter shipments between 200 MW to 250 MW. LDK Solar expects PV system project construction to be in the range of 400 MW to 600 MW and to recognize between 270 MW and 360 MW through project sales and EPC services for 3rd party customers.
Outlook for the fourth quarter 2011 and fiscal 2012 are preliminary estimates. The Company has yet to complete its preliminary review and compilation of its financial information for the quarter. Results are subject to change based on further review by management.
Fourth Quarter Conference Call Details
To listen to the live conference call, please dial 877-941-1427 (within U.S.) or 480-629-9664 (outside U.S.) at 8:00 a.m. ET on April 12, 2012. An audio replay of the call will be available through April 24, 2012, by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering the pass code 4524489#.
A live webcast of the call will be available on the company's investor relations website at http://investor.ldksolar.com.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
SOURCE LDK Solar Co., Ltd.
- LDK Solar Announces Next Generation of Modules
- LDK Solar Reports Financial Results for First Quarter of Fiscal 2013
- LDK Solar Announces Extraordinary General Meeting Results
- LDK Solar Announces Date for Reporting First Quarter 2013 Results
- LDK Solar Signs New Wafer Supply Contract
- LDK Solar Files Its Annual Report On Form 20-F and Update to Its Fourth Quarter 2012 Results
- LDK Solar to File Extension for 2012 Form 20-F
- InvestorsObserver releases comments on ExxonMobil, Toyota Motors, Automatic Data Processing, Allstate, and LDK Solar
- LDK Solar Signs Second Share Purchase Agreement with Fulai Investments
- LDK Solar Reports Financial Results for Fourth Quarter of Fiscal 2012
Related Partner Headlines
- NYSE Sends Contiued Listing Standards Notice to LDK Solar - Benzinga
- LDK Solar Closes 25M Share Purchase Transaction with Heng Rui Xin Energy - Benzinga
- LDK Solar Announces 12 MW PV Project in Italy - Benzinga
- LDK Solar and Sumitomo to Terminate Solar Wafer Supply Agreement for $33.4M - Benzinga
- LDK Solar Responds to U.S. DOC Tariffs - Benzinga
- UPDATE: LDK Solar Posts Wider Q2 Loss - Benzinga
- Earnings Scheduled For September 17, 2012 - Benzinga
- LDK Solar Signs Three Multi-Year Photovoltaic Project Development Agreements - Benzinga
- LDK Solar Stock Falls On Unusually High Volume (LDK) - TheStreet.com
- LDK Solar Stock Hits New 52-Week Low (LDK) - TheStreet.com
Recent Trading Ideas
Latest Partner Headlines
Dow Today: Verizon Communications (VZ) Higher - TheStreet.com
Separating the Bargains From the Busts - TheStreet.com
Cramer Quick Take: The 60-Inch TV Will Be Key This Holiday - TheStreet.com
Cramer Quick Take: Cisco Wins If Fiscal Cliff Is Resolved - TheStreet.com
Gap Up and Sit - TheStreet.com
Apple, Intel, MicroStrategy: Tech Winners & Losers - TheStreet.com
Windows 8 PC Sales Disappointing: Report - TheStreet.com
Cramer Quick Take: Buy Home Depot and Lowe's - TheStreet.com
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:15,318.23 Trade time:4:34PM EDT Value change:▲138.38 (0.91%)
S&P 500Company ID [INDEXSP:.INX] Last trade:1,651.81 Trade time:4:34PM EDT Value change:▲12.77 (0.78%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:3,482.18 Trade time:5:15PM EDT Value change:▲30.05 (0.87%)
In The Wires
Lifshitz Law Firm Announces Investigation of Cooper Tire & Rubber Co., Dole Food Company, Inc., Erickson Air-Crane, Inc. and Uni-Pixel, Inc.
Lifshitz Law Firm Announces Investigation of Belo Corp., Centerline Holding Company, Invacare Corporation and StellarOne Corporation
DEADLINE ALERT: Rigrodsky & Long, P.A. Reminds Shareholders of Magnum Hunter Resources Corporation of Upcoming Deadline
BRF S.A. - Notice to Shareholders
Travelzoo Customer Service Wins Gold at American Business Awards
McGraw Hill Construction Launches Dodge Global Network Platform
Symmetricom Announces Restructuring Plan
Duluth Metals Announces 2013 Annual Shareholders' Meeting Voting Results