NEW YORK (
easily beat the Street forecast for its second quarter earnings, reporting revenue of $563 million -- a quarterly record -- and earnings per share of 36 cents after the market close on Tuesday.
The Street was expecting earnings of 22 cents from LDK in the second quarter on revenue of $458 million.
Shares of LDK Solar were trading up by more than 7% in the after-hours session.
Analysts expected room for LDK Solar to provide earnings upside to the Street expectations. LDK provided a repeat of its first quarter earnings beat, and its guidance also blew away Street estimates.
LDK continued its sequential revenue, earnings and gross margin improvement, with gross margin increasing from 15.7% in the first quarter to 18% in the second quarter 2010.
LDK guided full-year earnings, revenue and shipments higher. LDK is forecasting revenue to be in the range of $1.95 billion to $2 billion, with wafer shipments between 1.95 gigawatts and 2 GW and module shipments between 250 MW and 300 MW.
LDK previously forecast revenue to be in the range of $1.6 billion to $1.7 billion, with wafer shipments between 1.7 gigawatts and 1.8 GW, and module shipment between 200 MW and 300 MW.
For the third quarter of fiscal 2010, LDK Solar estimates revenue of $570 million to $600 million, well above the Street consensus call of $422 million.
In general, the Street consensus calls for LDK Solar earnings and revenue to decline in the second half of 2010, leaving room open for earnings upside.
In the previous quarter, LDK Solar said it expected the benefits from its polyisilicon production plant ramp to increase. LDK reported 1,200 metric tons produced in the second quarter. In the first quarter, LDK produced 700 metric tons of polysilicon in total, split between LDK's 1,000 metric ton plant and the first 5,000 metric ton line from its planned 15,000 metric ton plant.
-- Written by Eric Rosenbaum from New York.
>>JA Solar EPS at Odds With Outlook
>>SunPower Costs Still the Key: Earnings Preview
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.