LDK Solar Revised Its Guidance For Revenue To Be In The Range Of $480 To $500 Million vs $714M Est

LDK Solar Co.

today revised its guidance for the second quarter of 2011 and fiscal 2011. Additionally, the company announced that it will report financial results for the second quarter ended June 30, 2011 before the market opens on Monday, August 29, 2011. The company will host a corresponding conference call and live webcast at 8:00 a.m. Eastern Time (ET) the same day. For the second quarter of 2011, LDK Solar revised its guidance for revenue to be in the range of $480 to $500 million, wafer shipments between 410 and 430 megawatts (

), module shipments between 75 MW and 80 MW, in-house polysilicon production between 2,700 MT and 2,750 MT and in-house cell production between 120 MW and 125 MW. As a result of the significant drop in market price for wafers and modules during the second quarter of 2011, LDK Solar expected to write-down $55 to $60 million of inventories and expected the gross margin for the second quarter of 2011 to be between 1.5% and 2.5%. The Company's cash and cash-equivalent balance was approximately $630 million as of June 30, 2011. The company previously forecasted second quarter 2011 revenue in the range of $710 million to $760 million with wafer shipments between 500 MW and 550 MW, module shipments between 200 MW and 220 MW, in-house polysilicon production between 2,650 MT and 2,750 MT, in-house cell production between 120 MW and 130 MW and gross margin between 22% and 26%.