Solar wafer maker LDK Solar Co (LDK.N: Quote, Profile, Research) raised its revenue forecast on Tuesday and reiterated that it saw no problems in its inventory reporting, sending its shares up as much as 27.5 percent.
The company, whose stock had plunged 45 percent over the previous four trading days, boosted its third-quarter revenue outlook to a range of $140 million to $150 million from its earlier view of $115 million to $125 million.
Analysts, on average, were expecting $121.1 million, according to Reuters Estimates.
The Jiangxi, China-based company reiterated comments made last week that it had correctly valued its inventory of polysilicon, the material used to make photovoltaic solar cells. Photovoltaic cell devices convert sunlight into energy and can be used for electric power, or for consumer products like calculators or telephones.
"As we previously indicated, we believe that there is no merit in the allegations made about our inventory accounting practices. Our business operations are normal, and we continue making shipments to fulfill our customers' orders," Chief Executive Xiaofeng Peng said in a statement.