There doesn’t seem to be a shortage of bad news for LDK Solar Co., Ltd (ADR) (NYSE:LDK) lately. The company defaulted on loans earlier this week, bringing on concerns of a pending insolvency or bankruptcy, and today released some dismal earnings numbers.
LDK isn’t reporting first quarter earnings like the rest of the report on the wires; it’s reporting results from all the way back in the fourth quarter of 2012. By the look of it, things aren’t going well at all for this Chinese solar maker. Sales fell 53.4% sequentially, to $135.9 million, and net loss jumped more than five fold, to $514.7 million.
The downward trend for LDK Solar Co., Ltd (ADR) (NYSE:LDK) has been steep, and the red ink has been flowing for well over a year. You can see below that sales have cruised lower over the past year, reaching an unsustainably low level in the fourth quarter.
|Q4 2011||Q1 2012||Q2 2012||Q3 2012||Q4 2012|
|Net Sales||$420.2 million||$200.1 million||$235.4 million||$291.5 million||$135.9 million|
|Net Loss||$564.6 million||$185.2 million||$254.3 million||$136.9 million||$517.0 million|