LDK Solar, (NYSE: LDK)a Chinese manufacturer of multicrystalline solar wafers, reported unaudited financial results showing that, like other major solar firms, its prospects improved in 3Q09.
Income was $37.1
million, compared to a loss of $235.0 million for 2Q09, and compared to income from operations of $107.8 million for 3Q08.
Net sales marginally increased to $281.9 million, compared to $228.3 million for 2Q09, and $541.8 million for 3Q08.
Operating margin is where the difference was made in 3Q–13.2% compared to negative 102.9% in 2Q09 and 19.9% in 3Q08.
"We were pleased to see wafer demand strengthen across multiple geographies during the quarter, rebounding from the lower levels seen earlier this year. Our financial results for the third quarter reflect the recent improvement in the operating environment for the solar industry," stated Xiaofeng Peng, Chairman and CEO of LDK Solar.
"We are making significant progress in ramping our operations. Our 1,000 MT polysilicon plant is in full scale production and our wafer plant is running at full capacity. We completed the first production run and initiated production ramp-up of operations for the first 5,000 MT train of our 15,000 MT plant during the quarter," continued Mr. Peng.
"During the third quarter, we made significant progress in diversifying our business. In China, the momentum in the local solar industry has continued to be encouraging. We have been awarded initial contracts to develop PV power projects in buildings, plants and integration systems, totaling up to 2 GW in various provinces. We will also co-operate with Best Solar on downstream PV projects, such as solar cell or module manufacturing, solar panel assembly or provision of certain solar utility services. As part of our ongoing efforts to expand our presence globally, we announced a partnership with Enfinity and the Balta Group for the largest rooftop solar energy installation project in Benelux, which will represent our first volume shipments of modules to Europe. We continue to be excited by the long-term growth opportunities in the solar industry," concluded Mr. Peng.
For the 4Q09, LDK Solar (www.ldksolar.com) estimates its revenue to be in the range of $280 million to $310 million with wafer shipments between 320 MW to 340 MW and module shipments between 20 MW to 30 MW.
In Related News…
Germany will add a record of up to 3 gigawatts (GW) of photovoltaic capacity this year due to unexpectedly strong demand in the final months of 2009, the head of Germany’s BSW solar industry association said on Monday.
Read the Reuters report at the link below.
Loading...