Based on preliminary data, the Company currently expects its PV module shipment in the fourth quarter of 2012 to increase by approximately 40% from the third quarter, significantly higher than its previous guidance of low teen percentage increase from the third quarter. Full year 2012 PV module shipment is expected to reach approximately 2.3 GW, significantly higher than the high end of its full year shipment guidance of 2.1 GW to 2.2 GW.
In the fourth quarter of 2012, the Company expects to recognize a non-cash charge of inventory provision and to be negatively impacted by a depreciation expense related to underutilized capacity. As a result, the Company expects its gross margin in the fourth quarter of 2012 to be in the range of negative 8% to 8.5%.
The Company will schedule a conference call and live webcast to discuss its unaudited financial results for the fourth quarter and full year ended December 31, 2012 at 8:00 AM Eastern Standard Time on March 4, 2013, which corresponds to 9:00 PM Beijing/Hong Kong time on the same day.