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LDK Solar Q3 Income Falls 41% QoQ, Polysilicon Expectations Lowered
Multicrystalline solar wafer manufacturer LDK Solar (NYSE: LDK) announced third quarter revenue of $541.8 million, up 241.4% year-on-year and 22.7% quarter-on-quarter, before market open on Wednesday. Net income was down to $88.4 million from $149.5 million in the second quarter. LDK wafer shipments were up 31.8% to 252.7MW during the three month period.
The Jiangxi-based company reached annualized wafer production capacity of 1.2GW in the third quarter. LDK expects to realize polysilicon output of 15-25 metric tons (MT) at its 1,000 MT polysilicon plant in early December, and begin operation on the first 5,000 MT train of its 15,000 MT polysilicon plant at the end of first quarter or beginning of the second quarter of 2009. The company is targeting 5,000-7,000 MT of polysilicon production in 2009.
LDK is projecting revenue between $555 million and $565 million on wafer shipments of 260-270MW for the fourth quarter of 2008. For fiscal 2009, revenue estimates are set between $2.9 billion and $3.1 billion on wafer shipments of 1.8-1.85GW. The company hopes to reach annualized wafer production capacity of 1.4GW by the end of 2008 and 2.3GW by the end of 2009.
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