LDK Solar Co. Ltd., which makes materials for power-producing solar cells, on Wednesday said its third-quarter profit more than doubled due to increased demand for solar energy.

Quarterly earnings climbed to $88.4 million, or 77 cents per American Depository Share, from $41.6 million, or 37 cents per ADS, during the same period last year.
Analysts surveyed by Thomson Reuters forecast a more modest profit of 71 cents per share, on average.

Revenue surged to $541.8 million from $158.7 million during the prior-year period. Analysts forecast revenue of $486.7 million, on average.

For the fourth quarter, China-based LDK Solar (nyse: LDK - news - people ) anticipates revenue of $555 million to $565 million, and expects fiscal 2009 revenue of $2.9 billion to $3.1 billion.

Analysts forecast revenue of $513 million in the fourth quarter, and $2.6 billion for the year.

Shares of LDK fell 83 cents, or 5.8 percent, to $14.01 in morning trading.

(ap, Nov 19, 2008)