LDK Solar reported its unaudited financial results for the fourth quarter ended December 31, 2010.
Net sales for the fourth quarter of fiscal 2010 were $920.9 million, compared to $675.6 million for the third quarter of fiscal 2010, and $304.6 million for the fourth quarter of fiscal 2009.
Gross profit for the fourth quarter of fiscal 2010, was $251.4 million, compared to $150.0 million in the third quarter of fiscal 2010, and $30.2 million for the fourth quarter of fiscal 2009.
Gross margin for the fourth quarter of fiscal 2010 was 27.3%, compared to 22.2% in the third quarter of fiscal 2010 and 9.9% in the fourth quarter of fiscal 2009.
Income from operations for the fourth quarter of fiscal 2010 was $202.5 million, compared to income from operations of $119.5 million for the third quarter of 2010, and a loss from operations of $16.1 million for the fourth quarter of fiscal 2009.
Operating margin for the fourth quarter of fiscal 2010 was 22.0% compared to 17.7% in the third quarter of fiscal 2010 and negative 5.3% in the fourth quarter of fiscal 2009.
Income tax expense for the fourth quarter of fiscal 2010 was $40.5 million, compared to income tax expense of $14.8 million in the third quarter of fiscal 2010 and income tax expense of $3.7 million in the fourth quarter of fiscal 2009.
Net income for the fourth quarter of fiscal 2010 was $145.2 million, or $1.09 per diluted ADS, compared to net income of $93.4 million, or $0.72 per diluted ADS for the third quarter of fiscal 2010 and a net loss of $24.3 million, or negative $0.22 per diluted ADS for the fourth quarter of 2009. The number of shares for calculating diluted ADS was approximately 137.5 million for the fourth quarter of fiscal 2010, 136.0 million for the third quarter of fiscal 2010 and 108.5 million for the fourth of fiscal 2009.
LDK Solar ended the fourth quarter of fiscal 2010 with $202.1 million in cash and cash equivalents and $503.7 million in short-term pledged bank deposits.
"Our record results for the fourth quarter capped a remarkable year and demonstrate the success of our vertical integration strategy and strong market position," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "We delivered a third consecutive quarter of record revenue as strong industry demand drove better than expected results."
"During the fourth quarter, we experienced increasing contributions from our polysilicon, module and cell businesses as we executed expansion on plan. We extended our leadership position in wafers ending the year with 3.0 GW of capacity. We signed multiple supply contracts for polysilicon, wafers and modules and further diversified our customer base. Importantly, our recent financing activities have further strengthened our balance sheet and enhanced our ability to pursue our long-term growth strategy."
"We have made great strides in positioning LDK Solar to take advantage of the growth in the global PV industry. We remain excited about the multiple growth drivers we see for our business and believe we are well positioned for success."
For the first quarter of fiscal 2011, LDK Solar estimates its revenue to be in the range of $800 million to $850 million with wafer shipments between 610 MW and 660 MW, and module shipments between 120 MW and 140 MW, in-house polysilicon production between 2,300 MT and 2,400 MT, in-house cell production between 45 MW and 50 MW and gross margin between 27% and 29%.
For fiscal 2011, LDK Solar expects revenue in the range of $3.5 to $3.7 billion, wafer shipments of 2.7 to 2.9 gigawatts (GW), module shipments of 800 MW to 900 MW, in-house polysilicon production of 10,000 MT and 11,000 MT, in-house cell production between 500 MW and 600 MW, and gross margin between 24% and 29%.
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