LDK Solar Co., Ltd. (
LDK)
Q3 2009 Earnings Call Transcript
November 23, 2009 8:00 a.m. ET
Executives
Pia Kristiansen - The Blueshirt Group - Moderator
Jack Lai - Executive Vice President and Chief Financial Officer
Xiaofeng Peng - Chairman and Chief Executive Officer
Xingxue Tong - Director, President and Chief Operating Officer
Yuepeng Wan - Chief Technology Officer
Analysts
Sunil Gupta - Morgan Stanley
Vishal Shah - Barclays Capital
Sanjay Shrestha - Lazard Capital Markets
Jesse Pichel - Piper Jaffray
Emily Liu - Arete Research
Sam Dubinsky – Oppenheimer
Edwin Mok - Needham & Company
(Nicholas Zhang)
Hendi Susanto - Gabelli & Company
Paul Leming - Soleil-Princeton Tech Research
Presentation
Operator
Ladies and gentlemen, welcome to the LDK Solar’s Third Quarter Conference Call on November 23, 2009. Throughout today’s recorded presentation, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulty hearing the presentation, please press the star followed by the zero on your telephone for operator assistance. I will now hand the conference over to Pia Kristiansen. Please go ahead, madam.
Pia Kristiansen
Good morning and thank you for joining us on today’s conference call to discuss LDK Solar’s third quarter 2009 financial results. This call is being broadcast live over the web and can be accessed on the Investor Relations section of LDK Solar’s website at www.ldksolar.com for 90 days.
On today’s call, are Xiaofeng Peng, Chairman and Chief Executive Officer, Jack Lai, Chief Financial Officer, Xingxue Tong, Chief Operating Officer and Dr. Yuepeng Wan, Chief Technology Officer.
Before the market opened in the U.S. today, LDK Solar issued a press release discussing the results for the third quarter 2009. We also filed a press release and Form 6-K with the U.S. Securities and Exchange Commission. This press release is accessible online at the company’s website as well as at the SEC’s website, or you can call The Blueshirt Group at 415-217-4961 and we will fax or email you a copy.
We would like to remind you that during the course of this conference call LDK Solar’s management team may make projections and other forward-looking statements regarding future events or the future financial performance of the company, made pursuant to the Safe Harbor provisions on the U.S. Private Securities Litigation Reform Act of 1995.
Although LDK Solar believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected.
We refer you to the documents that LDK Solar files from time-to-time with the SEC, specifically the company’s most recent form F-20 and any form 6-Ks. These documents identify important factors that could cause the actual results to differ materially from that contained in our projections or forward-looking statements.
And now I’d like to turn the call over to Mr. Jack Lai, Executive Vice President and CFO to go over LDK Solar’s third quarter financial results. Jack?
Jack Lai
Thank you very much, Pia. Good morning and thank you for joining us to discuss the results of LDK Solar for the third quarter of 2009.
Net sales for the third quarter were $281.9 million, up 23% from $228.3 million in the second quarter.
Wafer shipments, including our processing service business increased 38% sequentially to 320.5 megawatts. Wafer sales, which exclude the processing service business increased from 182.2 megawatts in the second quarter to 257.6 megawatts in the third quarter. The average sale price was $0.91 per watt.
