LDK's U.S. affiliate, Solar Power, Inc., issued some 3Q earnings data today, although their 10Q has yet to be filed (data are from their press release).
I really don't propose to comment on their quarterly performance beyond noting that they notched up another losing quarter. Their business outlook commentary, on the other hand, caught my eye:
"2012 Business Outlook:
Due to continued delays on EPC projects that utilize solar panels from LDK Solar and require construction funding from China Development Bank, SPI now expects 2012 net sales in the range of $100 million to $120 million."
There are two inferences I would draw from this. One is that they aren't receiving product from LDK; the other is that the CDB has cut off the money tap.
Their original guidance for the full year 2012 was to be roughly double 2011 sales (which would put sales just North of $200M). At the end of 2Q, they reduced this to $150M-$170M.
Given the 30% tariff (12c per watt)...I doubt buying panels from LDK can justify the cost...
Might as well buy from Renesola for 65c/w not paying tariffs...would put them in much more profitable situation.
Well, they're not setting the bar very high, particularly at $100M. By my count, their total sales for the nine months ended 30 September were $85.873M, so another $14M or so would get them to the low end.