Multi-crystalline wafer manufacturer, LDK Solar yesterday reported increased net sales and gross profit for 1Q08, and consistent net income.
Net sales for the quarter were $233.4 million, up 21.1% from $192.8 million in 4Q07, and up 218.0% year-over-year from $73.4 million for the first quarter of fiscal 2007.
Gross profit for 1Q08 was $64.6 million, up 11.2% from $58.0 million for 4Q07, and up 127.5% year-over-year from $28.4 million for 1Q07.
Net income for 1Q08 was $49.8 million, or $0.45 per diluted ADS, compared to net income of $49.2 million, or $0.44 per diluted ADS for 4Q07.
Xiaofeng Peng, Chairman and CEO of LDK Solar said, "We recorded strong revenue and higher than expected wafer shipments for the first quarter despite the snow storm we experienced in South China. The demand for our wafers remained high and we have signed six significant wafer supply agreements since the beginning of the year. We ended the quarter with an annualized wafer production capacity of 580 megawatts (MW). In response to sales backlog we have, we decided to increase our target annualized capacity to 1.1 gigawatts (GW) by the end of 2008 and 2.0 GW by the end of 2009."
"Regarding our polysilicon plant project, the construction remains on track for completion based on our previously announced schedule. With the recent funding we secured, in addition to our other financial resources, such as advances from customers, LDK is well positioned to pursue its aggressive growth strategy," Peng said.
For the second quarter of fiscal 2008, LDK Solar estimates its revenue to be in the range of $278 million to $288 million with wafer shipments between 136 MW to 146 MW. LDK Solar also revised its outlook for the full year of fiscal 2008.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK’s headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People’s Republic of China. The company’s office in the United States is located in Sunnyvale, California.
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