LDK Solar actually beat revenue guidance for the first quarter of 2013 but the struggling PV manufacturer reported losses of US$187.1 million and exited the quarter with US$174.1 million in cash and US$168.4 million in short-term pledged bank deposits.
The company reported net sales of $104.3 million in the first quarter, compared to US$135.9 million in the fourth quarter of 2012 and US$291.5 million for the third quarter of 2012.
Wafer shipments in the quarter were 240MW, up from 184.7MW of wafers in the fourth quarter of 2012. Solar cell and module shipments declined to 31.4MW, compared to 69.1MW in the fourth quarter of 2012.
LDK Solar reported a gross loss for the first quarter of 2013 of US$59.5 million, compared to gross loss of US$97.0 million in the fourth quarter of 2012.
Gross margin was negative 57.0%, compared to negative 71.4% in the fourth quarter of 2012. Loss from operations was US$93.2 million, compared to loss from operations of US$423.5 million in the fourth quarter of 2012.
Operating margin was negative 89.4% compared to negative 311.7% in the fourth quarter of 2012.
The company reported a net loss of US$187.1 million, compared to a net loss of US$548.5 million, in the fourth quarter of 2012.
Restructuring efforts, including job losses and very low production levels were behind the reduction in losses in the first quarter. The company also made a US$15.1 million inventory write-down due to lower prices for polysilicon, wafers, cells and modules.
Xingxue Tong, president and CEO of LDK Solar said: “We are undertaking a number of initiatives focused on the restructuring of our business. We are working closely with our stakeholders and relevant governmental agencies to negotiate solutions. Furthermore, we remain committed to improving our cost structure by driving down production costs, tightening operating expenses and adapting our overall business to the evolving demand environment to position LDK Solar for long-term growth.”