LDK Cuts Sales Forecast, Writing Down $50 Million in Inventory
Stock Chart for LDK Solar Co Ltd (LDK)
LDK Solar Co., a Chinese maker of solar wafers and panels, cut its sales forecast and will write down $45 million to $50 million in inventory, citing “rapidly declining market price.”
The company expects to report sales of $460 million to $470 million in the third quarter, compared with an earlier forecast of $630 million to $680 million, the Xinyu-based company said today in a statement. Gross margin will be between negative 3.5 percent and 5 percent, compared with the previous forecast of 11 percent to 16 percent.
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