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Chinese manufacturer LDK Solar Co. Ltd. said it turned a profit in the second quarter as sales of its solar products more than doubled.
LDK Solar reported Tuesday that it earned net income of $45 million, or 36 cents per American Depositary Share, in the quarter that ended June 30. That compared with a net loss of $216.9 million, or $2.03 per ADS, when it took a hefty writedown on plummeting inventory value in the year-ago quarter.
Net sales jumped to $565.3 million from $228.3 million. LDK Solar said it shipped 510.5 megawatts of solar wafers and 73.9 megawatts of modules during the quarter.
The company, which is based in Xinyu City, China, said it ended the quarter with $443.1 million in cash and cash equivalents.
For the third quarter, LDK Solar estimated revenue in a range of $570 million to $600 million. Solar wafer shipments were expected to range between 520 megawatts and 550 megawatts while module shipments were expected between 75 megawatts and 85 megawatts.
Its 2010 fiscal-year revenue was forecast between $1.95 billion and $2 billion. Wafer shipments were forecast between 1.95 gigawatts and 2 gigawatts while module shipments were forecast between 250 megawatts and 300 megawatts.
Analysts surveyed by Thomson Reuters have forecast third-quarter revenue at $422 million and full-year revenue at $1.59 billion.
Shares of LDK Solar fell 18 cents, or 2.4 percent, to $7.29 in afternoon trading.