XINYU CITY, China ( TheStreet) -- LDK Solar ( STP) reported earnings per share of six cents in the first quarter after the market closed on Monday, beating the Street estimate of a penny per share earnings. LDK shares, which were up more than 12% during regular trading on Monday, were up by approximately 7% in after-market trading on Monday.

LDK bested the consensus on revenue in the first quarter, also, with revenue of $347 million, versus a Street consensus of $325 million. LDK had revenue of $304 million in the fourth quarter 2009 and a loss of 12 cents per share.

For the first quarter of fiscal 2010, LDK Solar gross profit was $54.5 million, compared to $30.2 million in the fourth quarter of fiscal 2009, and a gross profit of $4.9 million for the first quarter of fiscal 2009.

LDK Solar gross margin for the first quarter of fiscal 2010 was 15.7%, compared to 9.9% in the fourth quarter of fiscal 2009.

Peer Chinese solar wafer maker ReneSola already reported earnings outperformance on Monday, as wafer pricing has held up better than expected amid the current demand frenzy in Europe ahead of the feed-in tariff reductions in Germany.

All the solar stocks rallied on Monday when Europe announced a debt bailout plan and the euro edged up from its 14-month low reached last week.

Wafer makers like LDK and ReneSola are largely immune from the foreign currency exposure of manufacturing and selling wafers within Asia, but their outlook is dependent on the bullish demand scenario for Europe.

For the second quarter, LDK Solar estimates revenue in the range of $460 million to $490 million, with wafer shipments between 460 MW and 480 MW, and module shipments between 60 MW and 70 MW.

For fiscal 2010, LDK Solar is projecting 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 megawatts and 300 MW. The revenue target is ahead of the Street consensus estimate of $1.4 billion.

LDK shipped 426.7 MW of wafers and 31.3 MW of modules in the first quarter, versus a prior estimate of 370 MW to 400 MW of wafers and 30 MW of modules.

-- Reported by Eric Rosenbaum in New York.

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