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LDK Solar (LDK): Blowout Quarter, Surges After Hours
All solar stocks should get a much needed lift tomorrow morning after LDK Solar (LDK) absolutely blew it out after the bell today. They reported a Q2 EPS of $1.29 share which was about 3x what analysts were estimating and a 378% pop over the year ago quarter… Which begs the question: why do analysts get paid to do what they do? Revenues were more than 50% higher than what analysts had expected, coming in at 441.7 million, a 346% increase from a year ago.
According to Reuters, ThinkPanmure analyst Peter Peng said much of the Q2 demand likely came from Spanish solar system installers who are scrambling to finish projects before a cap on subsidies goes into effect but said other countries such as Germany, Italy and France could help pick up the slack.
“We experienced substantial revenue growth during the second quarter as our wafer capacity expansion exceeded our expectations,” LDK Chairman and Chief Executive Xiaofeng Peng said in a statement.
Shares are up nearly 20% after hours to 40.19 and a close tomorrow above the 50 and 200 day moving averages around 37.25 would be significantly bullish.
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