LDK Solar Beats Estimates, Raises Guidance, Stock Launches $LDK
The company posted third-quarter net income of $93.4 million, or 72cents per ADS, up from $29.4 million, or 27 cents per ADS reported inthe third quarter of 2009.
Revenue increased to $675.6 million, up from $281.9 million for the third quarter the year prior.
The results beat analyst estimates of $590.8 million.
LDK Solar also issued projections for the fourth quarter, expecting revenue of $2.9 billion to $3.3 billion.
The company recently announced its arbitration with PV Products. TheInternational Court of Arbitration stated that the wafer supply contract entered into in October 2008 between LDK Solar and the Italy-basedHelios Technology is valid and thatHelios is obligated to pay LDK Solarapproximately $31 million. The interest of 8% shall be added from thedate of the award until the effective payment as well as costs for thearbitration proceedings and lawyers’ fees to this amount.
LDK Solar recently signed two-year polysilicon sales agreement valued at approximately $300 million with BYD Company Limited, under which LDK Solar will supply polysilicon with monthly shipments expected tocommence in January 2011 and extend through the end of 2012. The company has received a deposit for this two-year contract.
LDK Solar stock has a 52-week range of $4.97-$13.47. The stock is currently trading above its 50-day and 200-day moving averages. The stock has a support level at $8.47 and a resistance level $8.97. Year-to-date, the stock is up 88.02%.
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