North Coast Solar Stocks

July 2, 2009

LDK Falls on Weaker-than-Expected Q2 Revenue Outlook

Filed under: LDK — Tags: , , , , , — Jason @ 4:51 pm

Posted by Tiernan Ray
barrons.com

Shares of Chinese solar panel technology maker LDK Solar (LDK) are coming under pressure in after-hours trading following the company’s announcement this afternoon that it is raising its forecast for multicrystaline solar wafer shipments for the second quarter ended in June, while presenting a revenue outlook below estimates.

LDK says it shipped 220 million to 230 million megawatts worth, versus a prior forecast range of 200 to 220 megawatts. However, revenue is forecast to come in at $215 million to $225 million, which is below the average analyst estimate of $247 million.

Signs of further pricing pressure in solar? You tell me, dear reader. The company also announced it secured a loan from China’s Export-Import Bank for $73 million and touted $250 million in cash on its books.

LDK CEO Xiaofeng Peng said he was pleased with the improvement in market demand in the quarter, and that the company is on track to increase its polysilicon manufacturing capacity from 1.5 gigawatts at present to 2 gigawatts by the end of this year.

LDK shares are down 17 cents, or 1.6%, at $10.74, after falling 3% during the regular session.

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