LDK Solar Earnings: Net Loss Narrows, Beating Street
Lower costs helped LDK Solar Co. Ltd. (NYSE:LDK) lower its loss in the third quarter. LDK Solar is a solar module manufacturer. The company sells multicrystalline and monocrystalline wafers globally to manufacturers of solar cells and modules.
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LDK Solar Co. Ltd. Earnings Cheat Sheet
Results: Loss narrowed to $95.9 million (loss of $1.08 per diluted share) from $114.5 million (loss of 87 cents per share) in the same quarter a year earlier.
Revenue: Fell 38.2% to $291.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: LDK Solar Co. Ltd. beat the mean analyst estimate of a loss of $1.30 per share. It beat the average revenue estimate of $225.5 million.
Quoting Management: “Over the past several weeks, we have taken a number of steps to increase operating efficiencies and improve our liquidity, including realigning the management team and the share purchase agreement with Heng Rui Xin Energy. We are making progress on our strategy to streamline operations, prudently manage expenses and diversify our business. We plan to continue to actively manage our business to adapt to market developments and position the company for future growth,” concluded Mr. Tong.
The company topped expectations last quarter after falling short of forecasts in the second quarter with a loss of $1.84 versus a mean estimate of a loss of $1.43 per share.
Looking Forward: Analysts seem more negative about the company’s results for the next quarter than ninety days ago. The average estimate for the fourth quarter has moved from a loss of 97 cents a share to a loss of $1.14 over the last ninety days. For the fiscal year, the average estimate has moved from a loss of $4.53 a share to a loss of $5.37 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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