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UPDATE 1-LDK Solar disappoints with Q2 rev forecast
July 2, 2009 / 9:32 PM / 8 years ago

UPDATE 1-LDK Solar disappoints with Q2 rev forecast

* Sees Q2 revenue at $215-$225 mln vs Street view $250 mln

* Hikes Q2 wafer shipments forecast

* Shares dip 2.2 percent

LOS ANGELES, July 2 (Reuters) - China’s LDK Solar LDK.N on Thursday forecast lower-than-expected second-quarter revenue, as demand for solar cells stays depressed and solar manufacturers struggle to secure financing.

But the wafer maker raised its estimate for second-quarter wafer shipments slightly to 220-230 megawatts from a previous 200-220 megawatts.

Shares in LDK Solar dipped 2.2 percent after falling 3 percent in regular trade.

The company said in a statement it will resume expanding capacity, aided by loans from two Chinese lenders and encouraged by a spike in demand late in the second quarter.

It forecast lower-than-expected revenues of $215 million to $225 million in the quarter ended June 30, down as much as 25 percent from the first quarter’s $283.3 million and lagging analysts’ average forecast for $250 million, according to Reuters Estimates. [ID:nWNAB4175]

LDK Solar added that its annualized wafer capacity hit 1.5 gigawatts at the end of the period, with a target of reaching 2.0 gigawatts by the end of this year.

In May, the company posted a wider than expected first-quarter net loss of $22.5 million, or 21 cents a share, as the global credit crisis dried up funding for renewable energy projects. [ID:nN21301506]

Editing Bernard Orr

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