LDK Solar this afternoon warned that results for the second quarter came in well short of previous guidance.

Without really explaining what happened, the China-based solar products company said it now expects to report revenue between $480 million and $500 million, down from previous guidance of $71o million to $760 million. LDK now sees wafer shipments of 410 to 430 MW, with module shipments of 75 to 80 MW, down from a previous forecast of 500-550 MW of wafer shipments and 200-220 MW of module shipments. The company now sees gross margin ranging from 1.5%-2.5%, down from a previously expected 22% to 26%.

For 2011, the company now sees revenue of $2.5 billion to $2.7 billion, down from a previous forecast of $3.5 billion to $3.7  billion. The company expects wafer shipments of 1.8 to 2 GW, down from a previous forecast of 2.7-2.9 GW, and module shipments of 750-800 MW, down from 800-900 MW. For the year, the company now sees gross margin of 15%-20%, down from a previous forecast of 24%-29%.

LDK will announce final results for the quarter on August 29.

LDK in late trading is down 86 cents, or 13.1%, to $5.71.