Shawshank, VA 6/26/12 (StreetBeat) -- LDK Solar (NYSE: LDK) shares are trading sharply lower this morning after the company posted disappointing results for the March quarter.
For the period, the China-based solar company reported sales of $200.1 million, down from $420.2 million in Q4 and $766.3 million a year ago, and below the Street at $225.5 million. The company lost $1.46 a share in the quarter, worse than the Street consensus forecast of a loss of $1.14 a share.
“Our revenue was within the expected range as our results reflected first quarter seasonality and the continued difficult solar industry conditions,” CEO Xiaofeng Peng said in a statement. “Industry-wide overcapacity continued and drove price declines across the entire solar supply chain, which significantly reduced our revenue and negatively impacted our margins.”
Peng said he expects “continued challenging conditions in the solar industry in the near-term,” but that he anticipates that “some markets such as China will begin to see improved demand as the year progresses.”
For Q2, the company projects revenue of $220 million to $270 million; for all of 2012, LDK sees revenue of $1.5 billion to $2 billion. The Street previous forecast was for $370.4 million in Q2, and $2.07 billion for the full year.
LDK is down 15 cents, or 7.4%, to $1.87.
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