LDK Earnings: Beats, Raises, Stock Surges (LDK)
LDK Solar (LDK) surprised the St this morning by reporting a profiton a GAAP basis. I don’t see a non GAAP number in the report andwasn’t seeing an indication at first glance of any large one timegains, but will update this report if that’s the case. So on a GAAPbasis which includes one time gains and losses, the company reported Q3earnings of $0.27/share which smashed analyst estimates of a .10/loss. Revenues also beat analyst estimates, but by a small margin at $282million.
Adding to the positive report, LDK is guiding higher and seesQ4 revenues of $280-$310 million, versus the consensus of $258.72million.
Here are some highlights from comments made by the CEO..
- wafer demand strengthening across the board and results reflect improving solar industry
- making progress in ramping operations and completed first production run of the first 5K MT train of the 15K MT plant
- company solidified finances with sale of 15% stake in the 15K MT plant
- momentum in local China solar industry
- continues to be excited about long term growth prospects of solar
Shares of LDK are up about 15% in premarket trading.
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