The need for management to finalize inventory write-downs and a range of impairment charges for its fourth quarter 2011 financial results have forced LDK Solar to delay its earnings release until the end of April. The company had originally planned to release results on April 12, now pushed back to April 30. LDK is the last of the major PV manufacturers to report fourth quarter and full year results for 2011.
The company also reiterated that its outlook for the fourth quarter 2011, issued in mid-March were preliminary estimates and that it had yet to complete its preliminary review and compilation of all financial information for that quarter.
In a statement, LDK Solar noted that, ‘Results are subject to change based on further review by management.’
The company had made many consecutive downward amendments to its expected quarterly results in 2011, which resulted in an over US$1 billion in expected revenue being cut from its 2011 forecast as well as over 1GW in expected wafer shipments.
The company has been faced with significant price erosion across polysilicon, wafers, cells and module prices in 2011 as well as weaker than expected demand, causing a fall in utilization rates and the need to make write-downs and one-off impairment charges.