XINYU CITY, China and SUNNYVALE, Calif., Nov. 14, 2011 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, 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 (ET) 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%.
The outlook for the three months ended September 30, 2011 and full year ending December 31, 2011 are estimates. Results are subject to change based on further review by management.
Third Quarter Conference Call Details
To listen to the live conference call, please dial 877-941-2321 (within U.S.) or 480-629-9666 (outside U.S.) at 8:00 a.m. ET on November 22, 2011. An audio replay of the call will be available through December 6, 2011, by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering the pass code 4487352#.
A live webcast of the call will be available on the company's investor relations website at http://investor.ldksolar.com
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
SOURCE LDK Solar Co., Ltd.