LDK Solar Co., Ltd. (NYSE: LDK), a manufacturer of multicrystalline solar wafers, today reported unaudited Q4 returns that include increased revenue and profit.
Net sales for Q407 were $192.8 million, up 21.4% from $158.7 million for Q307, and up 212% year-over-year from $61.9 million for Q406.
Gross profit for Q407 was $58.0 million, up 18.6% from $48.9 million for Q307, and up 119% year-over-year from $26.6 million for Q406.
Gross profit margin for Q407 was 30.1% compared with 30.8% in Q307 and 42.9% in Q406.
Net income for Q407 was $49.2 million, or $0.44 per diluted ADS, compared to net income of $41.6 million, or $0.37 per diluted ADS for Q307.
The Company ended the fourth quarter of fiscal 2007 with $83.5 million in cash and cash equivalents.
"The fourth quarter closed a very strong year for LDK marked by record revenue and continued rapid growth," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "During the year, we had a number of significant achievements. We exceeded our annual wafer production capacity target for 2007 by 5% to reach 420 MW. We also broadened our customer base by securing 16 long-term wafer supply contracts during the year. Our success is a testament not only to the quality of our wafers, but also to our strong customer relationships and our leading position amongst multicrystalline solar wafer manufacturers.
For Q108, LDK estimates its revenue to be in the range of $210 million to $220 million for wafer shipments of 98 MW to 104 MW. The company also estimates fully diluted earnings per ADS to be in the range of $0.41 to $0.45. The first quarter is typically a seasonally slow period due to Chinese New Year holidays, and this year may have some impact from the severe snow storms.
For the full year 2008, LDK reiterates estimated revenue to be in the range of $960 million to $1.0 billion for wafer shipments of 510 MW to 530 MW. The company also estimates polysilicon production to be in the range of 100MT to 350MT and gross margins of 26% to 31%.
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