LDK Solar has released its third quarter financial results showing an increase in revenue and wafer capacity. The company’s net sales were US$675.6 million, which show a 19.5% growth from the US$565.3 million the company posted for net sales in the second quarter. Gross profit also saw improvement with the third quarter settling in at US$150 million, up from the second quarter’s US$101.8 million.
Also seeing an increase during the third quarter was LDK Solar’s wafer capacity, which reached 2.6GW this past September. LDK shipped 569.5MW of wafers and 94.1MW of modules during the third quarter, which helped lend the net income for the period to be at US$93.4 million, compared to the second quarter’s US$45 million.
LDK has a bright outlook for not only its fourth quarter, but for the 2011 fiscal year as well. It estimates that revenue for the fourth quarter will be between US$710 million and US$750 million, while wafer shipments will expand to reach between 580MW and 600MW. Module shipments are forecasted to fall between 120MW and 130MW while in-house polysilicon production will range from 1,700MT to 1,900MT. Additionally, during the fourth quarter, LDK is looking to raising cell production to reach between 20MW and 23MW.
“During the third quarter, our expansion plans remained on track as we reached manufacturing capacity of 11,000MT in polysilicon, 2.6GW in wafers, and 760MW in modules and 120MW in cells. We signed multiple supply contracts which further broaden our customer base. Importantly, our recent financing agreement with the China Development Bank enhances our ability to pursue our long-term growth strategy. With our strong financial position and healthy order trend, we see continued opportunity for growth,” stated Xiaofeng Peng (pictured), chairman and CEO of LDK Solar.
During the 2011 fiscal year LDK is predicting revenue attaining between US$2.9 billion and US$3.3 billion. Wafer shipments are expected to reach 2.5GW and 2.8GW with module shipments achieving a 700MW to 800MW range. Finally, in-house polysilicon production for fiscal 2011 is foreseen anywhere from 9,000MT to 10,000MT and in-house cell production will range between 400MW and 500MW.