Nov 21, 2012 - Chinese solar products maker ReneSola Ltd (NYSE:SOL) today said it expected to record negative gross margin in the region of 17.5 % to 18.5% in the third quarter of 2012 and tweaked down its outlook for full-year shipments.
The company said the gross margin estimate reflected an inventory write-down of about USD 31.6 million (EUR 24.8m) to account for current selling prices.
ReneSola now projects it will ship close to 2.2 GW of solar wafers and modules in the whole of 2012, a reduction from its previous forecast of 2.2 GW to 2.4 GW.
Wafer and module shipments in the third quarter will be within the company's guidance of 510 MW to 530 MW, although module shipments will be slightly short of the range of 150 MW to 170 MW projected in August, according to the announcement. Third-quarter revenues are also seen to meet the company's forecast of between USD 200 million and USD 220 million.
ReneSola will report third-quarter results on November 30.