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LDK Solar’s net income doubles in Q3 2010

LDK Solar has reported a net income of US$93.4 million in the third quarter (Q3) of 2010, up 107% on the same period last year.

The solar company saw a 19.5% increase in net sales to US$675.6m and operating profits of US$119.5m, up 52% on Q3 2009.

“Our results for the third quarter were strong by all measures,” says Xiaofeng Peng, Chairman and CEO of LDK Solar.

“We delivered a second consecutive quarter of record revenue as strong industry demand coupled with an improved pricing environment drove better than expected results.

“We are benefitting from our diversification strategy as we see increasing contributions from our polysilicon, module and cell businesses. As we gain further traction in these areas, we expect to experience enhanced top line and earnings growth.

“During the third quarter, our expansion plans remain on track as we reached manufacturing capacity of 11,000 MW in polysilicon, 2.6 GW in wafers, 760 MW in modules and 120 MW in cells. We signed multiple supply contracts which further broaden our customer base. Importantly, our recent financing agreement with the China Development Bank enhances our ability to pursue our long-term growth strategy. With our strong financial position and healthy order trend, we see continued opportunity for growth,” Peng concludes.

Outlook

For the fourth quarter, LDK Solar expects revenues of US$710-750m, wafer shipments of 580-600 MW, module shipments of 120-130 MW, in-house polysilicon production of 1700-1900 MT, in-house cell production of 20-30 MW and a gross margin of 24-26%.

For 2011, the forecast is: revenues: US$2.9-3.3 billion; wafer shipments: 2.5-2.8 GW; module shipments: 700-800 MW; in-house polysilicon production: 9000-10,000 MT; in-house cell production: 400-500 MW; and gross margin: 22-28%.

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