UPDATE: LDK Solar Posts Wider Q3 Loss, Lowers Full-Year Forecast
LDK Solar Co (NYSE: LDK) posted a wider fiscal third-quarter loss and cut its forecast for the year.
LDK Solar now projects full-year revenue of $950 million to $1 billion, down from its earlier forecast of $1.1 billion to $1.5 billion. For the current quarter, it expects revenue of $230 million to $290 million, versus analysts' estimates of $552.4 million.
LDK reported a quarterly loss of $136.9 million, or $1.08 per American depositary share, versus a year-earlier loss of $114.5 million, or $0.87 per ADS. However, analysts were expecting a loss of $1.24 per ADS.
Its sales dropped 38% to $291.5 million. The company had earlier expected sales of $220 million to $260 million.
LDK Solar shares closed at $1.17 on Friday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.