LDK Solar Co. Ltd. (NYSE:LDK) reported its results for the third quarter. Reported a loss of $114.5 million (87 cents per diluted share). The company reported profit of $93.4 million (72 cents per diluted share) in the same quarter a year earlier. Revenue fell 30% to $471.9 million from the year earlier quarter. LDK fell short of the mean analyst estimate of a loss of 36 cents per share. It fell short of the average revenue estimate of $616.9 million.
“During the third quarter, our business was impacted by the continued downturn in the solar industry,” stated Xiaofeng Peng , Chairman and CEO of LDK Solar. “Weak market demand and rapidly declining average selling prices throughout the solar supply chain resulted in shipment volumes and revenues lower than what we previously anticipated. While we continue to believe that the significant opportunities to meet global energy needs with solar power will drive long-term market growth, in the near-term we expect challenging conditions in the solar industry to continue. As such, we remain focused on strengthening our balance sheet, increasing our operating efficiencies and improving our cost structure.”
Competitors to Watch: LDK Solar Co., Ltd. (LD41), Trina Solar Limited (NYSE:TSL), ReneSola Ltd. (NYSE:SOL), JinkoSolar Holding Co., Ltd. (NYSE:JKS), Suntech Power Hldgs. Co., Ltd. (NYSE:STP), JA Solar Hldgs. Co., Ltd. (NASDAQ:JASO), Canadian Solar Inc. (NASDAQ:CSIQ), Hanwha Solarone Co Ltd (HSOL), First Solar, Inc. (NASDAQ:FSLR), and MEMC Electronic Materials, Inc. (NYSE:WFR).
Canadian Solar Inc. (NASDAQ:CSIQ) reported a drop to a loss in the third quarter driven by higher costs. Reported a loss of $43.9 million ($1.02 per diluted share) in the quarter. Canadian Solar Inc. had a net income of $20.3 million or 47 cents per share in the year earlier quarter. Revenue rose 32.5% to $499.6 million from the year earlier quarter. CSIQ fell short of the mean analyst estimate of a loss of 51 cents per share. Analysts were expecting revenue of $496.9 million.
Dr. Shawn Qu , Chairman and Chief Executive Officer of Canadian Solar, remarked: “This was another challenging quarter as the solar industry continues to navigate pricing pressures, financing restrictions and fluctuating subsidies. I am proud that Canadian Solar’s team remained focused despite the potential distractions. We met our shipment guidance for the quarter, reduced inventory levels and further improved our balance sheet. Customers continue to partner with Canadian Solar because of our global brand, strong track record of execution, the proven high-quality and performance of our modules, and our dedicated service. Based on our results, we believe that Canadian Solar is benefiting from the flight to quality and continues to gain market share.”
Competitors to Watch: First Solar, Inc. (NASDAQ:FSLR), Trina Solar Limited (NYSE:TSL), SunPower Corporation (NASDAQ:SPWRA), JA Solar Hldgs. Co., Ltd. (NASDAQ:JASO), China Sunergy Co., Ltd. (NASDAQ:CSUN), Suntech Power Hldgs. Co., Ltd. (NYSE:STP), Hanwha Solarone Co Ltd (HSOL), Yingli Green Energy Hold. Co. Ltd. (NYSE:YGE), LDK Solar Co., Ltd (NYSE:LDK), and Evergreen Solar, Inc. (NASDAQ:ESLR).