Shares of Chinese photovoltaic product manufacturer LDK Solar (NYSE:LDK) were set to open lower Monday on a widened second-quarter loss, a disappointing third-quarter outlook and a lessened forecast for the full fiscal year.
The company lost $254.3 million ($2 per share) in Q2, almost triple its $87.7 million loss in the year-ago quarter, on revenues that fell 53% to $35.4 million. The $2-per-share loss was about 57 cents worse than Wall Street forecasts.
LDK Solar also lowered its sales forecasts amid slumping prices. Revenues for the period are expected to hit $220 million to $260 million, or less than half expectations for $453.6 million. The company said it would ship between 190 megawatts and 240 MW in wafers during the third quarter, compared to 316 in Q2. However, cell and module shipments are forecast around 140 MW to 180 MW, which would top Q2’s 135.6 MW.
Meanwhile, full-year revenues were lowered from a range of $1.5 billion to $2 billion to a range of $1.1 billion to $1.5 billion.
LDK shares were down more than 2% in pre-market trading.
— Kyle Woodley, InvestorPlace Assistant Editor