LDK Solar Reports Financial Results for Third Quarter 2008

Xinyu City, China and Sunnyvale, California - LDK Solar Co., Ltd., a manufacturer of multicrystalline solar wafers, reported its unaudited financial results for the third quarter ended September 30, 2008. Net sales for the third quarter of fiscal 2008 were $541.8 million, up 22.7% from $441.7 million for the second quarter of fiscal 2008, and up 241.4% from $158.7 million for the third quarter of fiscal 2007.

Gross profit for the third quarter of fiscal 2008 was $122.9 million, up 9.5% from $112.3 million for the second quarter of fiscal 2008, and up 151.3% from $48.9 million for the third quarter of fiscal 2007. Operating profit for the third quarter of fiscal 2008 was $107.8 million, up 7.5% from $100.3 million for the second quarter of fiscal 2008, and up 149.6% from $43.2 million for the third quarter of fiscal 2007. Net income for the third quarter of fiscal 2008 was $88.4 million, or $0.77 per diluted ADS, compared to net income of $149.5 million, or $1.29 per diluted ADS for the second quarter of fiscal 2008.

LDK Solar ended the third quarter of fiscal 2008 with $347.8 million in cash and cash equivalents and $115.0 million in short-term pledged bank deposits.

For the fourth quarter of fiscal 2008, LDK Solar estimates its revenue to be in the range of $555 million to $565 million with wafer shipments between 260 MW to 270 MW and gross margin between 18% and 21%. By the end of fiscal 2008, LDK Solar currently expects to reach an annualized wafer production capacity of 1.4 GW and produce 15 to 25 MT of polysilicon.

Source: IWR Online, 21 Nov 2008