Courtesy of Benzinga.
LDK Solar Co., Ltd. (NYSE: LDK) today revised its guidance for the third quarter of 2011 and fiscal 2011. Additionally, the company announced that it will report financial results for the third quarter ended September 30, 2011 before the market opens on Tuesday, November 22, 2011. The company will host a corresponding conference call and live webcast at 8:00 a.m. Eastern Time the same day.
For the third quarter of 2011, LDK Solar 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%.
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%.
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