LDK Solar Co. (LDK) cut the top end of its fourth-quarter revenue guidance to reflect declining market prices for wafers and modules.
LDK Solar Co. (LDK) cut the top end of its fourth-quarter revenue
guidance to reflect declining market prices for wafers and modules.
The Chinese maker of multicrystalline solar wafers and solar panels now expects
revenue between $440 million and $450 million, compared with its November
forecast of $440 million to $520 million, which bracketed analysts expectations
at the time.
LDK projects fourth-quarter wafer shipments between 215 megawatts and 220
megawatts with cells and module shipments between 250 megawatts and 260
megawatts. Its November estimate was wafer shipments between 200 megawatts and
270 megawatts with module shipments between 180 megawatts and 270 megawatts.
The company had forecast gross margin between 2% and 7% in November, but it now
expects gross margin to be negative as it will book charges for inventory
writedowns and impairment on contractual purchase agreements, as well as some
provisions for accounts receivable and fixed assets.
For fiscal 2012, LDK expects revenue of $2 billion to $2.7 billion, while
analysts surveyed by Thomson Reuters expect $1.89 billion.
Shares of solar-product makers have hit multiyear and all-time lows in recent
weeks as the industry continues to sees prices pressured by weak demand in
Europe--the world's largest solar market--and an oversupply of solar panels
from Asia. LDK reported in November it swung to a third-quarter loss as it wrote
down inventory and saw its sales drop 30% amid an industrywide decline in solar
product prices.
Shares closed Friday at $4.90 and were inactive premarket. The stock has fallen
57% over the past year.
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