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LDK Solar sales tumble on tough solar market

LDK Solar saw net sales more than halved to US$420.2 million in the fourth quarter (Q4) of fiscal 2011, compared with the same period the year before.

By Kari Williamson

The net loss attributable to LDK Solar's shareholders for the fourth quarter of fiscal 2011 was US$588.7m, whereas fiscal 2010 Q4 saw a net income of US$145.2m, as the company is being hit by a significant drop in the market price for solar photovoltaic (PV) polysilicon, wafers and modules.

"The solar industry experienced a tremendous supply and demand imbalance throughout the value chain during the fourth quarter. Our results reflected the negative effects of this dislocation in the PV market," says Xiaofeng Peng, Chairman and CEO of LDK Solar.

"Weak market demand and rapidly declining average selling prices reduced our revenue and adversely impacted our margins in the quarter.

"In 2012, we expect that excess capacity and further policy uncertainties in Europe and the US will result in continued intense competition within the solar industry. As such, we remain focused on improving our cost structure by driving down production costs and closely managing our operating expenses. PV applications are increasing globally with improved affordability for solar electricity. We continue to believe that the considerable opportunities to meet global energy needs with solar power will drive long-term market growth."

Outlook

For the first quarter (Q1) of fiscal 2012, LDK Solar expects revenue to be in the range of US$190-230m, wafer shipments 140-150 MW, cells and module shipments 170-180 MW, in-house polysilicon production of 1800-1900 MT, and in-house cell production of 40-50 MW.

For fiscal 2012, LDK Solar estimates its revenue to be in the range of US$2-2.7 billion.

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