* Cuts full-year revenue forecast to $950 mln-$1 bln, from
$1.1 bln-$1.5 bln
* Expects 4th-qtr revenue of $230-$290 mln, vs est. $552.35
* 3rd-qtr net loss $1.08/ADS, vs $0.87 yr earlier
* Quarterly net sales down 50 pct
Dec 3 China-based LDK Solar Co Ltd
reported its sixth straight quarterly loss and cut its full-year
revenue forecast as it expects to ship fewer solar cells and
panels owing to high U.S. import duties and weak demand in top
LDK has to pay countervailing duties of 15.24 percent and
anti-dumping duties of 25.96 percent on its panels and cells in
the United States, which last month imposed duties on Chinese
solar imports worth billions of dollars.
No.1 solar market Europe, where demand for solar products
has dropped drastically, could also impose similar tariffs. The
drop in demand coupled with rapid capacity expansion has led to
a near 75 percent drop in panel prices in the last four years.
LDK cut its full-year revenue forecast for the second time
in as many quarters to between $950 million and $1 billion, from
its prior outlook of between $1.1 billion and $1.5 billion.
The company, which makes polysilicon, solar wafers, cells
and modules, expects fourth-quarter revenue of $230 million to
$290 million. Analysts on average were expecting $552.35
million, according to Thomson Reuters I/B/E/S.
LDK expects to ship between 50 MW and 80 MW of cells and
modules in the fourth quarter, compared with third-quarter
shipments of 161.9 MW.
The company forecast current-quarter wafer shipments of 200
megawatt (MW) to 250 MW, compared with the 230.2 MW it shipped
in the third.
LDK also cut the upper end of its full-year wafer shipment
forecast to 960 MW from 1.2 gigawatt, and that of its cell and
module shipment outlook to 530 MW from 750 MW.
The bleak outlook comes days after rivals Trina Solar Ltd
and Canadian Solar Inc, who have also been
slapped with U.S. duties, lowered their shipment forecast for
LDK's net loss widened to $136.9 million, or $1.08 per
American depository share (ADS), in the third quarter, from
$114.5 million, or 87 cents per ADS, a year earlier.
Net sales halved to $291.5 million.
LDK's stock, which was listed on the New York Stock Exchange
in 2007, has fallen 72 percent this year. The company received a
stock delisting warning from the exchange last month.
LDK shares closed at $1.17 on Friday on the New York Stock