- Guides FY08 Shipments 'at or slightly below low end' of previously stated guidance of 175-190MW
- Guides FY09 Shipments 50% over FY08
- Gross Margin 12.4% (ex items) v 13.7% q/q sequentially
- Q3 PV Module shipments 41.8MW (+53% y/y)
- ASP $4.04 v $4.17 q/q
- CEO: Q3 was quite challenging in some respects. The unexpected shortfall in polysilicon material supply was certainly disappointing. This constrained our short-term ability to grow volume and fulfill customer demand. Our financial results were also impacted by the inventory and pre-payment-related provisions. We felt it necessary in view of the rapidly declining costs for polysilicon-related raw materials to adjust our inventory valuations, as well as account for any at risk pre-payments. Although current global economic and financial conditions remain uncertain, and we are not immune to these factors, we are maintaining a high degree of optimism in our ability to compete and grow in what we believe is undeniably a burgeoning market in the long-term as renewable energy continues to grow in acceptance. These macro conditions have impacted, and will continue to impact, the demand and pricing for photovoltaic-based solar products. However, we believe that the rapidly declining costs for polysilicon, combined with our low-cost manufacturing base, increasingly vertically integrated production process, customer loyalty and financial stability, will allow us to weather this environment and emerge as a stronger and viable long term player.
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