LDK Q2 Rev, Margins Bounce Back
Wafer and photovoltaic producer LDK Solar (NYSE:LDK) made a net income in the second quarter of 2010 was $45.05 million, or $0.36 per diluted American depository share, compared with net income of $7.18 million in the previous quarter and a net loss of $216.89 million in the year-ago period, the company reported August 10.
LDK Solar shipped 510.5MW of wafers and 73.9MW of modules in the quarter, compared with 426.7MW of wafers and 31.3MW of modules in the first quarter. The company estimated its annualized wafer capacity by the end of the quarter at 2.3GW.
The company booked revenues of $565.29 million, compared with $347.55 million over the first quarter and $228.30 million a year ago, and above company expectations of $460 million to $490 million. Gross margin for the second quarter was 18%, up from 15.7% in the first quarter, the report said.
For the third quarter of fiscal 2010, LDK Solar estimates revenues will reach $570 million to $600 million with wafer shipments between 520-550MW, and module shipments of 75-85MW. The company also adjusted its expected full year revenue to between $1.95 billion and $2 billion, based on wafer shipments of 1.95-2GW and module shipments of 250-300MW. LDK previously predicted full year revenues of $1.6 billion to $1.7 billion on deliveries of 1.7-1.8GW.
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