Cash levels plummet as LDK Solar reports continued losses and low revenue

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LDK Solar reported second quarter 2013 results that continued to produce heavy losses and weak sales, while its cash levels plummeted to only US$85.1 million, down from US$174.1 million in the first quarter.

The company reported second quarter 2013 revenue on US$114.7 million, up from US$104.3 million in the first quarter, yet still below the US$135.9 million reported in the fourth quarter of 2012 and US$291.5 million for the third quarter of 2012.

Management had previously guided a very wide revenue range of US$100 million to US$150 million, coming in at the bottom of guidance.

The majority of sales remained heavily biased towards solar wafers, while PV module shipments remained a extremely low levels.

LDK Solar reported 303.9 MW of solar wafers shipped in Q2, while the company shipped a total of 35.3MW of cells and modules in the second quarter.

Management had previously guided wafer shipments to be between 250MW – 300MW and cell and module shipment between 30MW – 40MW, slightly exceeding guidance and within guidance respectively.

Losses continue

LDK Solar reported a net loss for the second quarter of US$143.3 million. Net loss available to LDK Solar's shareholders was US$165.3 million

Operating margin was negative 82.9% compared to negative 89.4% in the prior quarter, while the company generated a negative gross margin of 46.9%, compared to negative 57.0% in the first quarter.

LDK Solar ended the second quarter with only US$85.1 million in cash and cash equivalents, yet had US$203.0 million in short-term pledged bank deposits, an increase from US$168.4 million in the prior quarter.

“We delivered second quarter revenue that was in line with expectations and reduced our net loss both sequentially and on a year-over-year basis,” stated Sam Tong, President and CEO of LDK Solar.  “We have been navigating the challenging solar industry dynamics with a focus on improving our cost structure and becoming a more nimble company.  We are starting to see early signs of improvement within the PV market as ASP's are beginning to stabilize.  We are also encouraged by recent updates on solar policies from China and the EU.”

The company guided third quarter 2013 revenue to increase and be in the range of US$140 million to US$180 million. 

Shipments of both wafers and modules were also guided. Wafer shipments are expected to be between 350MW and 450MW and cell and module shipments between 60MW and 80MW.

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