PR Newswire: news distribution, targeting and monitoring
Home Page > News Releases > Global > Daqo New Energy Announces Unaudited Second Quarter 2017 Results

Daqo New Energy Announces Unaudited Second Quarter 2017 Results

2017-08-08 18:17
Share with Twitter

CHONGQING, China, Aug. 8, 2017 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the second quarter of 2017.

Second Quarter 2017 Financial and Operating Highlights

  • Record-high polysilicon production volume of 4,993 MT in Q2 2017, increased from 4,927 MT in Q1 2017
  • Record-high polysilicon external sales volume(1) of 4,497 MT in Q2 2017, increased from 4,223 MT in Q1 2017
  • Polysilicon average total production cost(2) of $8.53/kg in Q2 2017, compared to $8.41/kg in Q1 2017
  • Polysilicon average cash cost(2) of $6.77/kg in Q2 2017, compared to $6.68/kg in Q1 2017
  • Average selling price (ASP) of polysilicon was $13.58/kg in Q2 2017, compared to $16.66/kg in Q1 2017
  • Solar wafer sales volume of 27.0 million pieces in Q2 2017, increased from 22.4 million pieces in Q1 2017
  • Revenue of $76.0 million in Q2 2017, compared to $83.8 million in Q1 2017
  • Gross profit of $24.2 million in Q2 2017, compared to $35.9 million in Q1 2017
  • Gross margin of 31.9% in Q2 2017, compared to 42.8% in Q1 2017
  • Non-GAAP gross margin(3) of 32.6% in Q2 2017, compared to 44.0% in Q1 2017
  • EBITDA (non-GAAP)(3) of $29.8 million in Q2 2017, compared to $41.7 million in Q1 2017
  • EBITDA margin (non-GAAP)(3) of 39.2% in Q2 2017, compared to 49.8% in Q1 2017
  • Net income attributable to Daqo New Energy shareholders of $12.1 million in Q2 2017, compared to $22.9 million in Q1 2017 and $19.8 million in Q2 2016
  • Earnings per basic ADS of $1.15 in Q2 2017, compared to $2.18 in Q1 2017 and $1.90 in Q2 2016
  • Adjusted net income (non-GAAP)(3) attributable to Daqo New Energy shareholders of $13.8 million in Q2 2017, compared to $24.8 million in Q1 2017 and $22.0 million in Q2 2016
  • Adjusted earnings per basic ADS (non-GAAP)(3) of $1.31 in Q2 2017, compared to $2.36 in Q1 2017 and $2.10 in Q2 2016

Three months ended

US$ millions

June 30,

March 31,

June 30,

         except as indicated otherwise

2017

2017

2016

Revenues

76.0

83.8

71.0

Gross profit

24.2

35.9

29.4

Gross margin

31.9%

42.8%

41.4%

Operating income

20.2

32.2

26.1

Net income attributable to
Daqo New Energy Corp. shareholders

12.1

22.9

19.8

Earnings per basic ADS ($ per ADS)

1.15

2.18

1.90

Adjusted net income (non-GAAP)(3) 
attributable to Daqo New Energy Corp.
shareholders

13.8

24.8

22.0

Adjusted earnings per basic ADS
(non-GAAP)(3) ($ per ADS)

1.31

2.36

2.10

Non-GAAP gross profit(3)

24.8

36.9

31.2

Non-GAAP gross margin(3)

32.6%

44.0%

43.9%

EBITDA (non-GAAP)(3)

29.8

41.7

34.7

EBITDA margin(3) (non-GAAP)

39.2%

49.8%

48.9%

Polysilicon sales volume (MT) (1)

4,497

4,223

2,931

Polysilicon production cost ($/kg)(2)

8.53

8.41

9.43

Polysilicon cash cost (excl. dep'n) ($/kg)(2)

6.77

6.68

7.42



Notes:

(1)     Our polysilicon external sales volume excludes internal sales to our Chongqing wafer manufacturing subsidiary, which utilizes polysilicon as raw material for the production of solar wafers. The sales volume is the quantity of goods that have been received by customers, and thus the corresponding revenue has been recognized during the period indicated.


(2)     Production cost and cash cost only refer to production in our Xinjiang polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon in Xinjiang divided by the production volume in the period indicted. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense in Xinjiang, divided by the production volume in the period indicated.


(3)    Daqo New Energy provides non-GAAP gross profit, non-GAAP gross margin, EBITDA, EBITDA margin, adjusted net income (loss) attributable to Daqo New Energy Corp. shareholders and adjusted earnings (loss) per ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliation of non-GAAP financial measures to comparable US GAAP measures" set forth at the end of this press release.

Commentary

"We are pleased to report that the second quarter of 2017 was a solid quarter with new records on both polysilicon production volume and external sales volume. During the quarter, we produced 4,993 MT of polysilicon and sold 4,497 MT to external customers. We also conducted various experiments to improve polysilicon quality, particularly for the mono-crystalline grade polysilicon, which had a slight impact to overall production cost and volume. However, we are seeing meaningful quality improvements. Production volume as well as shipment of mono-crystalline quality polysilicon hit a record high in June," said Dr. Gongda Yao, Chief Executive Officer of Daqo New Energy.

"Due to downstream customer inventory management at the end of the first quarter, ASP fell in April, but ASP started to recover in May. Demand and pricing improved throughout the second quarter, with the ASP in June approximately 15% higher than that in April. So far in the third quarter, customer demand has remained robust with pricing continuing to improve."

"In terms of the PV end market, China installed 24.4 GW of solar PV in the first half of 2017, representing a new record high and a 9% increase from the first half of 2016.  For the full year of 2017, China's annual PV installation forecast is currently expected to exceed 35GW. Based on discussions with our customers, we believe that China's PV market demand continues to be strong, driven by top-runner projects as well as distributed generation. Globally, the U.S. and Indian markets are also seeing strong PV product demand.  Starting in late July, we have seen a fairly significant shortage of polysilicon in the China market and continued improvements in polysilicon pricing.  With a much stronger than expected solar PV installations in China, the annual total global solar installation in 2017 is likely to exceed 80 GW for the first time ever. "

"During the second quarter of 2017, the company generated $12.1 million in net income attributable to Daqo New Energy shareholders and $29.8 million in EBITDA with an EBITDA margin of 39.2%.  In particular, our operating cash flow remains strong. In the first half of 2017, we generated $73.6 million in net cash provided by operating activities."

"Going forward, we will continue our efforts to improve quality throughout the year. With our high product quality and stable supply capabilities, we continue to be a supplier of choice with strong demand for our high quality polysilicon from our diverse customer base."

Outlook and Q3 2017 guidance

The Company's annual maintenance for the Xinjiang polysilicon facility is scheduled for late September and October. The annual maintenance is anticipated to impact production volume by approximately two weeks. As a result, the Company expects to produce 4,200 MT to 4,500 MT of polysilicon and sell approximately 3,700 MT to 4,000 MT to external customers during the third quarter of 2017.  The above external sales guidance excludes shipments of polysilicon to be used internally by our Chongqing solar wafer facility, which utilizes polysilicon for its wafer manufacturing operation.  Wafer sales volume is expected to be approximately 25.0 million to 25.5 million pieces in the third quarter of 2017.

This outlook reflects our current and preliminary view as of the date of this press release and may be subject to change. Our ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.

Second Quarter 2017 Results

Revenues

Revenues were $76.0 million, compared to $83.8 million in the first quarter of 2017 and $71.0 million in the second quarter of 2016.

Revenues from polysilicon sales to external customers were $61.1 million, compared to $70.4 million in the first quarter of 2017 and $50.5 million in the second quarter of 2016. External polysilicon sales volume was 4,497 MT, increased from 4,223 MT in the first quarter of 2017 and 2,931 MT in the second quarter of 2016. The average selling price (ASP) of polysilicon was $13.58/kg in the second quarter of 2017, compared to $16.66/kg in the first quarter of 2017. The decrease in polysilicon revenues as compared to the first quarter of 2017 was primarily due to lower ASPs, partially offset by higher polysilicon sales volume.

Revenues from wafer sales were $14.9 million, compared to $13.4 million in the first quarter of 2017 and $20.5 million in the second quarter of 2016. Wafer sales volume was 27.0 million pieces, compared to 22.4 million pieces in the first quarter of 2017 and 25.0 million pieces in the second quarter of 2016.

Gross profit and margin

Gross profit was approximately $24.2 million, compared to $35.9 million in the first quarter of 2017 and $29.4 million in the second quarter of 2016. Non-GAAP gross profit, which excludes costs related to the non-operational polysilicon assets in Chongqing, was approximately $24.8 million, compared to $36.9 million in the first quarter of 2017 and $31.2 million in the second quarter of 2016.

Gross margin was 31.9%, compared to 42.8% in the first quarter of 2017 and 41.4% in the second quarter of 2016.

In the second quarter of 2017, total costs related to the non-operational Chongqing polysilicon assets including depreciation were $0.5 million, decreased from $1.0 million in the first quarter of 2017 and $1.8 million in the second quarter of 2016. Excluding costs related to the non-operational Chongqing polysilicon assets, the non-GAAP gross margin was approximately 32.6%, compared to 44.0% in the first quarter of 2017 and 43.9% in the second quarter of 2016.

Selling, general and administrative expenses

Selling, general and administrative expenses were $4.5 million, compared to $4.1 million in the first quarter of 2017 and $3.7 million in the second quarter of 2016.

Research and development expenses

Research and development expenses were approximately $0.3 million, compared to $0.4 million in the first quarter of 2017 and $0.1 million in the second quarter of 2016. The research and development expenses vary from period to period reflecting the R&D activities that occur in such period.

Other operating income

Other operating income was $0.8 million, compared to $0.8 million in the first quarter of 2017 and $0.6 million in the second quarter of 2016. Other operating income was mainly composed of unrestricted cash incentives that the Company received from local government authorities, the amount of which varies from period to period.

Operating income and margin

As a result of the foregoing, operating income was $20.2 million, compared to $32.2 million in the first quarter of 2017 and $26.1 million in the second quarter of 2016.

Operating margin was 26.6%, compared to 38.4% in the first quarter of 2017 and 36.8% in the second quarter of 2016.

Interest expense

Interest expense was $ 5.3million, compared to $4.3 million in the first quarter of 2017 and $3.5 million in the second quarter of 2016.

EBITDA

EBITDA was $29.8 million, compared to $41.7 million in the first quarter of 2017 and $34.7 million in the second quarter of 2016. EBITDA margin was 39.2%, compared to 49.8% in the first quarter of 2017 and 48.9% in the second quarter of 2016.

Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS

Net income attributable to Daqo New Energy Corp. shareholders was $12.1 million in the second quarter of 2017, compared to $22.9 million in the first quarter of 2017 and $19.8 million in the second quarter of 2016.

Earnings per basic ADS were $1.15 in the second quarter of 2017, compared to $2.18 in the first quarter of 2017 and $1.90 in the second quarter of 2016.

Financial Condition

As of June 30, 2017, the Company had $49.8 million in cash and cash equivalents and restricted cash, compared to $61.2 million as of March 31, 2017 and $42.9 million as of June 30, 2016. As of June 30, 2017, the accounts receivable balance was $3.8 million, compared to $13.1 million as of March 31, 2017. As of June 30, 2017, the notes receivable balance was $10.5 million, compared to $11.7 million as of March 31, 2017. As of June 30, 2017, total borrowings were $219.3 million, of which $123.1 million were long-term borrowings, compared to total borrowings of $236.0 million, including $129.2 million long-term borrowings, as of March 31, 2017.

Cash Flows

For the six months ended June 30, 2017, net cash provided by operating activities was $73.6 million, increased from $66.6 million in the same period of 2016.

For the six months ended June 30, 2017, net cash used in investing activities was $36.0 million, compared to $37.6 million in the same period of 2016. The net cash used in investing activities in 2017 was primarily related to the capital expenditure of Xinjiang Phase 3A polysilicon projects.

For the six months ended June 30, 2017, net cash used in financing activities was $23.4 million, compared to net cash used in financing activities of $13.5 million in the same period of 2016. The increase was primarily due to repayment of related parties loans. 

Use of Non-GAAP Financial Measures

To supplement Daqo New Energy's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("US GAAP"), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including non-GAAP gross profit and non-GAAP gross margin; earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS.  Management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key elements of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results.  Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's operating results as seen through the eyes of management.  These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures and may be different from non-GAAP measures used by other companies.

Non-GAAP gross profit and non-GAAP gross margin includes adjustments for costs related to the non-operational polysilicon assets in Chongqing. Such costs mainly consist of non-cash depreciation costs, as well as utilities and maintenance costs associated with the temporarily idle polysilicon machinery and equipment, which will be or are in the process of being relocated to the Company's Xinjiang polysilicon manufacturing facility. The Company expects a majority of these costs, such as depreciation, will continue to occur as part of the production cost at the Xinjiang facilities subsequent to the completion of the relocation plan. Once these assets are placed back in service, the Company will remove this adjustment from the non-GAAP reconciling item. The Company also uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues.  Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS exclude costs related to the non-operational polysilicon assets in Chongqing as described above.  Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS also exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, management excludes this item from its internal operating forecasts and models. Management believes that this adjustment for share-based compensation provides investors with a basis to measure the company's core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.

A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.

Conference Call

The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on August 8, 2017 (8:00 PM Beijing / Hong Kong time on the same day).

The dial-in details for the earnings conference call are as follows:

Participant dial in (U.S. toll free):

+1-888-346-8982

Participant international dial in:

+1-412-902-4272

China mainland toll free:

4001-201203

Hong Kong toll free:

800-905945

Hong Kong local dial in:

+852-301-84992

Participants please ask to be joined into the Daqo New Energy Corp. call. Please dial in 10 minutes before the call is scheduled to begin.

You can also listen to the conference call via Webcast through the URL:

http://mms.prnasia.com/DQ/20170808/default.aspx

A replay of the call will be available 1 hour after the conclusion of the conference call through August 15, 2017.

The dial in details for the conference call replay are as follows:

U.S. toll free:

+1-877-344-7529

International dial in:

+1-412-317-0088

Canada toll free:

855-669-9658

Replay access code:

1011073

To access the replay using an international dial-in number, please select the link below.
https://services.choruscall.com/ccforms/replay.html

Participants will be asked to provide their name and company name upon entering the call.

About Daqo New Energy Corp.

Founded in 2008, Daqo New Energy Corp. (NYSE: DQ) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. As one of the world's lowest cost producers of high-purity polysilicon and solar wafers, the Company primarily sells its products to solar cell and solar module manufacturers. The Company has built a manufacturing facility that is technically advanced and highly efficient with a nameplate capacity of 18,000 metric tons in Xinjiang, China.  The Company also operates a solar wafer manufacturing facility in Chongqing, China.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the third quarter of 2017 and quotations from management in this announcement, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; our ability to significantly expand our polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; and our ability to lower our production costs. Further information regarding these and other risks is included in the reports or documents we have filed with, or furnished to, the Securities and Exchange Commission. Daqo New Energy does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Daqo New Energy undertakes no duty to update such information, except as required under applicable law.

 


Daqo New Energy Corp.

Unaudited Consolidated Statement of Operations and Comprehensive Income

(US dollars in thousands, except ADS and per ADS data)



For the three months Ended



Jun 30, 2017


Mar 31, 2017


Jun 30, 2016










Revenues      


$76,002


$83,808


$71,021


Cost of revenues


(51,757)


(47,914)


(41,640)


Gross profit


24,245


35,894


29,381


Operating expenses








Selling, general and administrative expenses


(4,514)


(4,060)


(3,675)


Research and development expenses


(279)


(448)


(148)


Other operating income


751


775


583


Total operating expenses


(4,042)


(3,733)


(3,240)


Income from operations


20,203


32,161


26,141


Interest expense


(5,288)


(4,344)


(3,487)


Interest income


111


75


171


Foreign exchange gain (loss)


2


1


(3)


Income before income taxes


15,028


27,893


22,822


Income tax expense


(2,768)


(4,742)


(2,802)


Net income


12,260


23,151


20,020


Net income attributable to noncontrolling interest


135


257


176


Net income attributable to Daqo New Energy 
  Corp. shareholders


$12,125


$22,894


 

$19,844










Net income


12,260


23,151


20,020


Other comprehensive income (loss):








Foreign currency translation adjustments


4,904


2,166


(8,116)


Total other comprehensive income (loss)


4,904


2,166


(8,116)


Comprehensive income


17,164


25,317


11,904


Comprehensive income attributable to 
  noncontrolling interest


167


270


 

 

130


Comprehensive income attributable to Daqo 
  New Energy Corp. shareholders


 

$16,997


 

$25,047


 

$11,774










 Income per ADS








 Basic


1.15


2.18


1.90


 Diluted


1.14


2.14


1.87


Weighted average ADS outstanding








Basic


10,529,730


10,519,425


10,457,105


Diluted


10,678,845


10,691,911


10,596,753


 

 


Daqo New Energy Corp.

Unaudited Consolidated Balance Sheet

(US dollars in thousands)



Jun 30, 2017


Mar 31, 2017


Jun 30, 2016










ASSETS:








Current Assets:








Cash and cash equivalents


$30,443


$44,651


$29,659


Restricted cash


19,403


16,596


13,201


Accounts receivable, net


3,796


13,121


10,061


Notes Receivable


10,540


11,702


14,798


Prepaid expenses and other current assets


7,011


6,069


6,630


Advances to suppliers


1,688


1,283


1,072


Inventories


15,981


16,268


9,539


Amount due from related parties


1,386


345


4,514


Total current assets


90,248


110,035


89,474


Property, plant and equipment, net


554,062


559,900


546,227


Prepaid land use right


25,125


24,871


26,205


Deferred tax assets


600


591


612


Investment accounted for under cost-method


596


586


182


TOTAL  ASSETS


670,631


695,983


662,700










Current liabilities:








Short-term borrowings, including current
   portion of long-term borrowings


 

96,158


 

106,842


 

109,494


Accounts payable


20,972


23,130


18,665


Notes payable


26,080


23,749


26,092


Advances from customers


10,483


1,025


3,408


Payables for purchases of property, plant and
   equipment


 

25,839


 

39,367


39,681


Accrued expenses and other current liabilities


9,426


11,417


11,973


Amount due to related parties


12,162


32,925


41,100


Income tax payable


6,386


7,095


3,411


Total current liabilities


207,506


245,550


253,824


Long-term borrowings


123,145


129,198


118,368


Other long Term Liabilities


23,509


23,304


24,414


TOTAL LIABILITIES


354,160


398,052


396,606


 

EQUITY:








Ordinary shares


27


27


26


Treasury stock


(1,749)


(1,749)


(1,749)


Additional paid-in capital


242,372


240,996


238,484


Retained earnings


75,451


63,326


25,107


Accumulated other comprehensive income


(1,697)


(6,569)


2,717


Total Daqo New Energy Corp.'s shareholders'
  equity


 

314,404


 

296,031


 

264,585


Noncontrolling interest


2,067


1,900


1,509


Total equity


316,471


297,931


266,094


TOTAL LIABILITIES & EQUITY


670,631


695,983


662,700











 

Daqo New Energy Corp.

Unaudited Consolidated Statements of Cash Flows

(US dollars in thousands)



For the six months ended June 30,



2017


2016


Operating Activities:






Net income


35,411


28,410


Adjustments to reconcile net income to net cash provided by
operating activities:






   Share-based compensation


1,985


1,737


   Provision/(reversal) of allowance for doubtful accounts


(3)


(849)


   Depreciation of property, plant and equipment


19,208


17,205


   Loss on disposal of assets


23


-








      Changes in operating assets and liabilities:






   Accounts receivable


1,161


10,180


   Notes receivable


2,800


(3,945)


   Prepaid expenses and other current assets


1,211


5,323


   Advances to suppliers


76


(67)


   Inventories


(3,403)


930


   Amounts due from related parties


182


(4,303)


   Amounts due to related parties


275


517


   Prepaid land use rights


285


291


   Accounts payable


1,776


1,577


   Notes payable


8,302


8,367


   Accrued expenses and other current liabilities


904


3,555


   Income tax payable


958


2,470


   Advances from customers


2,782


(4,586)


   Deferred government subsidies


(334)


(256)


Net cash provided by operating activities


73,599


66,556








Investing activities:






Purchases of property, plant and equipment


(32,894)


(42,840)


Investment accounted for under the cost-method


-


(188)


Decrease/(Increase) in restricted cash


(3,125)


5,422


Net cash used in investing activities


(36,019)


(37,606)








Financing activities:






Proceeds from related party loans


39,697


69,508


Repayment of related party loans


(59,565)


(74,222)


Proceeds from bank borrowings


32,953


41,309


Repayment of bank borrowings


(36,800)


(50,488)


Cash received from exercises of options


275


389


Net cash (used in) provided by financing activities


(23,440)


(13,504)








Effect of exchange rate changes on cash and cash equivalents


316


(277)


Net increase in cash and cash equivalents


14,456


15,169


Cash and cash equivalents at the beginning of the period


15,987


14,490


Cash and cash equivalents at the end of the period


30,443


29,659



 

Daqo New Energy Corp.

Reconciliation of non-GAAP financial measures to comparable US GAAP measures

(US dollars in thousands)




For the three months ended



Jun. 30, 2017


Mar. 31, 2017


Jun. 30, 2016

Gross profit


24,245


35,894


29,381

Costs related to the non-operational

 Chongqing polysilicon operations


544


1,003


1,775

Non-GAAP gross profit


24,789


36,897


31,156

 


For the three months ended



Jun. 30, 2017


Mar. 31, 2017


Jun. 30, 2016


Gross margin


31.9%


42.8%


41.4%


Costs related to the non-operational

Chongqing polysilicon operations

(proportion of revenue)


0.7%


1.2%


2.5%


Non-GAAP gross margin


32.6%


44.0%


43.9%


 


For the three months ended



Jun. 30, 2017


Mar. 31, 2017


Jun. 30, 2016


Net income


12,260


23,151


20,020


Income tax expense


2,768


4,742


2,802


Interest expense


5,288


4,344


3,487


Interest income


(111)


(75)


(171)


Depreciation


9,621


9,587


8,598


EBITDA (non-GAAP)


29,826


41,749


34,736


EBIDTA margin (non-GAAP)


39.2%


49.8%


48.9%


 


For the three months ended



Jun. 30, 2017


Mar. 31, 2017


Jun. 30, 2016


Net income attributable to Daqo

   New Energy Corp. shareholders


12,125


22,894


 

19,844


Costs related to the non-operational

Chongqing polysilicon operations


544


1,003


1,775


Share-based compensation


1,104


882


393


Adjusted net income (non-GAAP)

   attributable to Daqo New Energy

   Corp. shareholders


13,773


24,779


 

 

22,012


Adjusted earnings per basic ADS

  (non-GAAP)


1.31


2.36


$2.10


Adjusted earnings per diluted ADS

  (non-GAAP)


1.29


2.32


 

$2.08


 

For further information, please contact:

Daqo New Energy Corp.
Investor Relations
Phone: +86-187-1658-5553
dqir@daqo.com

View original content:http://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-second-quarter-2017-results-300500951.html

Source: Daqo New Energy Corp.

Related stocks: NYSE:DQ

Featured Video

Advanced Search
Search
  
  1. Products & Services
  2. News Releases
  3. Knowledge Center
  4. For Journalists & Media
  5. Multimedia Theater
  6. Contact Us