LDK Solar Swings To 2Q Loss As Lower Prices Hurt Sales |
| Wall Street Journal - Aug 29, 2011 |
LDK Solar Co. (LDK) swung to a second-quarter loss as less demand from Europe caused prices to drop, hurting revenue and margins.
Shares were trading 5.1% lower at $5.54 in light premarket trading as the company forecast current-quarter revenue of $630 million to $680 million; analysts surveyed by Thomson Reuters currently expect $589 million. LDK also backed its full-year guidance. The stock has fallen 17% over the past year through Friday's $5.84 close.
"Our second quarter results reflect the challenging solar industry dynamics that resulted from recent policy revisions in Europe and consequently reduced demand for [photovoltaic] products," said Chairman and Chief Executive Xiaofeng Peng. "In recent weeks, we have seen average selling prices begin to stabilize and improvement to order patterns."
Earlier this month, the Chinese maker of multicrystalline solar wafers and solar panels cut its second-quarter revenue guidance by almost one-third, saying a significant drop in prices and higher costs would lead to worse-than-expected financial results.
Read Full Article from Wall Street Journal
- Posted: 2011-08-29 09:07:02
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