LDK Solar Provides Updated Outlook for First Quarter 2011
XINYU CITY, China and SUNNYVALE, Calif., April 26, 2011 -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, today provided an updated outlook for the first quarter 2011 and reiterated its guidance for the full year 2011.
For the first quarter of 2011, LDK Solar expects to report revenue in the range of $745 to $755 million, wafer shipments of 625 to 635 megawatts (MW), module shipments of 109 MW to 114 MW, in-house polysilicon production of 2,450 MT to 2,470 MT, in-house cell production between 44 MW and 46 MW, and gross margin between 30.0% and 31.0%. The Company’s prior guidance for the first quarter was revenue of $800 to $850 million, wafer shipments of 610 MW to 660 MW, and module shipments of 120 to 140 MW, in-house polysilicon production between 2,300 MT and 2,400 MT, in-house cell production between 45 MW and 50 MW, and gross margin between 27.0% and 29.0%.
LDK Solar reiterates its 2011 guidance of revenue in the range of $3.5 to $3.7 billion, gross margins between 24% and 29%, wafer shipments to be between 2.7 and 2.9 GW, module shipments to be between 800 and 900 MW, polysilicon production to be between 10,000 and 11,000 MT, and in-house cell production to be between 500 and 600 MW.
The outlook for the three months ended March 31, 2011 and full year ended December 31, 2011 are estimates. Results are subject to change based on further review by management. Once the first quarter 2011 reporting date is finalized, LDK Solar will issue a press release announcing the date and details of its first quarter 2011 conference call.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and a leading manufacturer of solar wafers in terms of capacity. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company also engages in project development activities in selected segments of the PV market. Through its broad product offering, LDK Solar provides its customers with a full spectrum of PV solutions. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
For more information contact:
The Blueshirt Group for LDK Solar
Executive VP and CFO
LDK Solar Co., Ltd.