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http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/ldk-solar-increases-net-income-on-record-revenues.html

China and US-based multicrystalline solar wafer manufacturer LDK Solar’s net income remained buoyant in the third quarter, on the back of increased sales and record revenues.

The NYSE-listed company generated the highest revenues in its history during the recent financial period, at $675.6m, which was 19.5 per cent than the second quarter, and represented a 139.7 per cent increase year-on-year.
These revenues came as a result of a doubling in net sales against the equivalent period of 2009, at $675.6m, compared to $281.9m last year, and also above the $565.3m generated in the previous quarter.
A further revenue increase may also be reflected in the fourth quarter, as the company expanded its wafer production capacity to 2.6GW towards the end of the third quarter.
During the period, it shipped 569.5MW of solar wafers, together with 1,243MT of polysilicon, and modules with a total capacity of 94.1MW.
The company’s gross profit was a third higher than the previous quarter, and nearly three times larger than its third quarter 2009 results, at $150m, compared to $101.8m the previous quarter, and $56.8m last year.
Its gross margin result rose more than four per cent sequentially, to 22.2 per cent, compared with 20.1 per cent for the third quarter of 2009.
Both its income from operations and net income were higher than previous quarters, with its operational margin increasing from 13.9 per cent in the second quarter, to 17.7 per cent.
In total, it reaped $93.4m in net income, equating to $0.72 per diluted American depositary share which was more than twice the $45m in net income that it reported last year, at $0.36 per diluted share.
LDK Solar ended the third quarter of fiscal 2010 with $571.9m in cash and cash equivalents, and $254m in pledged bank deposits.
‘Our results for the third quarter were strong by all measures,’ said LDK Solar chairman and CEO Xiaofeng Peng.
‘We delivered a second consecutive quarter of record revenue as strong industry demand coupled with an improved pricing environment drove better than expected results.’
According to Peng, the company’s financial results benefited from its diversification strategy, with increasing contributions from its polysilicon module and solar cell businesses.
With expansion plans in tact, the company recently secured a financing agreement with the China Development Bank, which Peng said increases its ability to pursue its long-term growth strategy.
‘As we gain further traction in these areas, we expect to experience enhanced top line and earnings growth,’ he said.
LDK Solar forecasts further increases in its fourth quarter revenue, anticipating it will hit between $710m and $750m, with wafer shipments expected to reach 580MW to 600MW. It also predicts a fourth quarter gross margin of between 24 per cent and 26 per cent.
It also predicts revenue of between $2.9bn and $3.3bn next year, on a gross margin of between 22 per cent and 28 per cent, and module shipments of between 700MW and 800MW.
LDK Solar’s headquarters and manufacturing facilities are located in Xinyu City in Jiangxi Province, China, with offices in California in the US.