LDK Solar Crashing And Burning

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LDK Solar (LDK) is leading the NYSE today. Too bad it’s leading it in the wrong way. The stock is off almost 15%. It turned in a god awful $22.5 million loss.

From Reuters: Chinese solar wafer maker LDK Solar Co Ltd (LDK.N) on Thursday reported a wider-than-expected quarterly net loss as the global credit crisis dried up funding for renewable energy projects.

The first-quarter net loss was $22.5 million, or 21 cents per share. Wall Street analysts, on average, had been expecting a loss of 16 cents per share, according to Reuters Estimates.

The company did not provide comparable figures from the first quarter of last year, but a year ago it had reported a first-quarter profit of $49.8 million, or 45 cents a share.

Revenue was $283.3 million, up 21.4 per cent from $233.4 million a year ago. Analysts had been expecting revenue of $236.6 million, according to Reuters Estimates.

LDK said it expected to ship between 200 MW and 220 MW of wafers in the second quarter. It shipped 206 MW in the first quarter.

Earlier on Thursday, LDK adjusted its 2008 financial results to include a new $87.5 million inventory writedown and a provision of about $12.3 million for prepaid funds to suppliers that it may not recover, sending the company’s shares down sharply.

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