Daqo New Energy Announces Unaudited Second Quarter 2020 Results
Daqo New Energy Corp. (NYSE: DQ) reported its second quarter 2020 financial results, showcasing challenges due to the COVID-19 pandemic. Polysilicon production volume dropped to 18,097 MT, while sales decreased to 18,881 MT. Revenue fell to $133.5 million, down from $168.8 million in Q1 2020. The average selling price (ASP) of polysilicon decreased to $7.04/kg. Gross profit also declined to $22.7 million, yielding a gross margin of 17.0%. Despite these challenges, the company achieved a net income of $2.4 million, demonstrating resilience amid adverse conditions. Outlook remains cautious with projected production of 73,000 MT to 75,000 MT for the year.
- Achieved a net income of $2.4 million despite challenging market conditions.
- Reported an improvement in production costs, with a cash cost of $4.87/kg, a historical low.
- Approximately 95% of polysilicon production reached mono-grade quality.
- Expected strong demand for polysilicon with current ASPs around $11~$12/kg.
- Revenue decreased to $133.5 million, down from $168.8 million in Q1 2020.
- Gross profit declined to $22.7 million with a gross margin of 17.0%.
- Polysilicon sales volume fell to 18,881 MT from 19,101 MT in Q1 2020.
- Earnings per basic ADS fell to $0.17 from $2.37 in Q1 2020.
SHIHEZI, China, Aug. 18, 2020 /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 2020.
Second Quarter 2020 Financial and Operating Highlights
- Polysilicon production volume was 18,097 MT in Q2 2020, compared to 19,777 MT in Q1 2020
- Polysilicon sales volume was 18,881 MT in Q2 2020, compared to 19,101 MT in Q1 2020
- Polysilicon average total production cost(1) was
$5.79 /kg in Q2 2020, compared to$5.86 /kg in Q1 2020 - Polysilicon average cash cost(1) was
$4.87 /kg in Q2 2020, compared to$5.01 /kg in Q1 2020 - Polysilicon average selling price (ASP) was
$7.04 /kg in Q2 2020, compared to$8.79 /kg in Q1 2020 - Revenue from continuing operations was
$133.5 million in Q2 2020, compared to$168.8 million in Q1 2020 - Gross profit from continuing operations was
$22.7 million in Q2 2020, compared to$56.6 million in Q1 2020. Gross margin from continuing operations was17.0% in Q2 2020, compared to33.5% in Q1 2020 - EBITDA (non-GAAP)(2) from continuing operations was
$26.8 million in Q2 2020, compared to$63.1 million in Q1 2020. EBITDA margin (non-GAAP)(2) from continuing operations was20.0% in Q2 2020, compared to37.4% in Q1 2020 - Net income attributable to Daqo New Energy Corp. shareholders was
$2.4 million in Q2 2020, compared to$33.2 million in Q1 2020 - Earnings per basic American Depositary Share (ADS) was
$0.17 in Q2 2020, compared to$2.37 in Q1 2020 - Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was
$6.9 million in Q2 2020, compared to$37.7 million in Q1 2020 - Adjusted earnings per basic ADS (non-GAAP)(2) was
$0.49 in Q2 2020, compared to$2.69 in Q1 2020
Three months ended | |||
US$ millions except as indicated otherwise | Jun 30, | Mar 31, | Jun 30, |
Revenues | 133.5 | 168.8 | 66.0 |
Gross profit | 22.7 | 56.6 | 8.6 |
Gross margin | |||
Income / (loss) from operations | 10.8 | 45.8 | (0.4) |
Net income / (loss) attributable to Daqo New Energy | 2.4 | 33.2 | (2.2) |
Earnings / (loss) per basic ADS ($ per ADS) | 0.17 | 2.37 | (0.16) |
Adjusted net income (non-GAAP)(2) attributable to | 6.9 | 37.7 | 2.3 |
Adjusted earnings per basic ADS (non-GAAP)(2) | 0.49 | 2.69 | 0.17 |
EBITDA (non-GAAP)(2) from continuing operations | 26.8 | 63.1 | 10.2 |
EBITDA margin (non-GAAP)(2) from continuing | |||
Polysilicon sales volume (MT) | 18,881 | 19,101 | 7,130 |
Polysilicon average total production cost ($/kg)(1) | 5.79 | 5.86 | 8.12 |
Polysilicon average cash cost (excl. dep'n) ($/kg)(1) | 4.87 | 5.01 | 6.65 |
Notes: |
(1) Production cost and cash cost only refer to production in our Xinjiang polysilicon facilities. Production cost is calculated by the |
(2) Daqo New Energy provides EBITDA from continuing operations, EBITDA margin from continuing operations, adjusted net income |
Management Remarks
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "The second quarter of 2020 was a particularly challenging time for the polysilicon industry. Beginning in late March, the global spread of COVID-19 and related lockdowns, particularly in the U.S., Europe and certain emerging markets, resulted in significant disruptions to demand for solar PV products. End-market customers delayed module orders and shipments due to uncertainties about the duration and economic impact of the pandemic, as well as logistical challenges. This led to short-term market uncertainty and volatility across the entire solar PV industry during the second quarter. This abnormal market environment, with its sharp and sudden drop in demand, resulted in significant negative impact to polysilicon pricing for the quarter. Fortunately, the impact was temporary, and the market began to recover in May with orders and demand normalizing in June, supported by a strong end-market in China and abroad. We are pleased that despite such challenges faced by the industry during the period, Daqo New Energy was able to generate positive net income for the quarter, further demonstrating the strength and resilience of our business model and our proven low cost structure."
"Towards the end of the second quarter, we began to see very positive momentum in solar PV demand in both domestic and overseas markets, supported by further capacity expansions by downstream mono-wafer customers. This has translated into meaningful demand improvement for polysilicon, which has driven a significant increase in polysilicon ASPs recently. Current market ASPs for mono-grade polysilicon are approximately
"In the second quarter, we produced and sold 18,097 MT and 18,881 MT of polysilicon, respectively, exceeding our guidance. We conducted annual maintenance for our manufacturing facility in the second quarter. However, some technology upgrade projects, as well as equipment modification, have been re-scheduled to August due to the delayed delivery of some key equipment and long-lead time maintenance parts. This will have some impact on the third quarter production volume. As a result, we expect to produce approximately 17,500 MT to 18,000 MT of polysilicon during the third quarter. We expect to resume to
"During the quarter, we continued to make strong progress towards quality improvement and cost structure. Approximately
"We believe the solar PV market has entered a new phase of sustained growth as grid parity has been achieved in many countries and regions around the globe. Solar PV is one of the very few energy resources which are clean, sustainable and cost effective, even compared with traditional fossil fuel power generation methods. It is playing an increasingly important role in meeting the growing global energy demand and addressing critical environmental issues such as climate change and sustainable development. We will continue our commitment to provide high quality polysilicon products to better serve the fast-growing demand for solar PV energy."
Outlook and guidance
The Company expects to produce approximately 17,500 MT to 18,000 MT of polysilicon and sell approximately 17,000 MT to 17,500 MT of polysilicon to external customers during the third quarter of 2020. For the full year of 2020, the Company expects to produce approximately 73,000 MT to 75,000 MT of polysilicon, inclusive of the impact of the Company's annual facility maintenance.
This outlook reflects Daqo New Energy's current and preliminary view as of the date of this press release and may be subject to changes. The Company's ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.
Second Quarter 2020 Results
Revenues
Revenues were
Gross profit and margin
Gross profit was
Selling, general and administrative expenses
Selling, general and administrative expenses were
Research and development expenses
Research and development (R&D) expenses were
Income / loss from operations and operating margin
As a result of the foregoing, income from operations was
Interest expense
Interest expense was
EBITDA (non-GAAP)
EBITDA (non-GAAP) from continuing operations was
Net income / loss attributable to Daqo New Energy Corp. shareholders and earnings / loss per ADS
As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was
Earnings per basic ADS was
Financial Condition
As of June 30, 2020, the Company had
Cash Flows
For the six months ended June 30, 2020, net cash provided by operating activities was
For the six months ended June 30, 2020, net cash used in investing activities was
For the six months ended June 30, 2020, net cash provided by financing activities was
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 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 and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our 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. Our 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 our 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 our 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.
The Company 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 and diluted ADS exclude 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, and the Company had removed this adjustment from the non-GAAP reconciling item since the fourth quarter of 2018, because as of the end of the third quarter of 2018, all of the polysilicon machinery and equipment had been either relocated to Xinjiang, disposed, or planned to be disposed of in due course. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted 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, our management excludes this item from our internal operating forecasts and models. Our 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 Eastern Time on August 18, 2020. (8:00 PM Beijing / Hong Kong time on the same day).
The dial-in details for the live conference call are as follows:
Participant dial in (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 toll: | +852-301-84992 | |
Participants please dial in 10 minutes before the call is scheduled to begin and ask to be joined into the Daqo New Energy Corp. call. | ||
You can also listen to the conference call via Webcast through the URL:
https://services.choruscall.com/links/dq200818.html
A replay of the call will be available 1 hour after the end of the conference through August 25, 2020.
The conference call replay numbers are as follows:
US Toll Free: | +1-877-344-7529 |
International Toll: | +1-412-317-0088 |
Canada Toll Free: | 855-669-9568 |
Replay access code: | 10147211 |
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 required to state their name and company upon entering the call.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2008, the Company is one of the world's lowest cost producers of high-purity polysilicon. Daqo's highly-efficient and technically advanced manufacturing facility in Xinjiang, China currently has a nameplate annual polysilicon production capacity of 70,000 metric tons.
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 and the full year of 2020 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; the Company's ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company's ability to lower its production costs; and the duration of COVID-19 outbreaks in China and many other countries and the impact of the outbreaks and the quarantines and travel restrictions instituted by relevant governments on economic and market conditions, including potentially weaker global demand for solar PV installations that could adversely affect the Company's business and financial performance. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
Daqo New Energy Corp. | ||||||||||
Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income | ||||||||||
(US dollars in thousands, except ADS and per ADS data) | ||||||||||
Three months ended | Six months ended | |||||||||
Jun 30, | Mar 31, | Jun 30, | Jun 30, | Jun 30, | ||||||
Revenues | ||||||||||
Cost of revenues | (110,820) | (112,277) | (57,390) | (223,097) | (120,253) | |||||
Gross profit | 22,698 | 56,554 | 8,569 | 79,252 | 26,910 | |||||
Operating expenses | ||||||||||
Selling, general and administrative |
(10,120) |
(8,892) |
(7,806) |
(19,012) |
(15,742) | |||||
Research and development expenses | (1,958) | (1,654) | (1,527) | (3,612) | (2,824) | |||||
Other operating income / (expense) | 133 | (215) | 365 | (82) | 434 | |||||
Total operating expenses | (11,945) | (10,761) | (8,968) | (22,706) | (18,132) | |||||
Income / (loss) from operations | 10,753 | 45,793 | (399) | 56,546 | 8,778 | |||||
Interest expense | (6,653) | (6,287) | (1,889) | (12,940) | (3,910) | |||||
Interest income | 368 | 151 | 258 | 519 | 582 | |||||
Foreign exchange loss | - | - | (1) | - | (189) | |||||
Income / (loss) before income taxes | 4,468 | 39,657 | (2,031) | 44,125 | 5,261 | |||||
Income tax expense | (2,037) | (6,344) | (662) | (8,381) | (2,091) | |||||
Net income / (loss) from continuing |
2,431 |
33,313 |
(2,693) |
35,744 |
3,170 | |||||
(Loss) / income from discontinued |
(55) |
(86) |
504 |
(141) |
1,282 | |||||
Net income / (loss) | 2,376 | 33,227 | (2,189) | 35,603 | 4,452 | |||||
Net loss attributable to non-controlling |
(7) |
(3) |
- |
(10) |
- | |||||
Net income / (loss) attributable to Daqo | ||||||||||
Net income / (loss) | 2,376 | 33,227 | (2,189) | 35,603 | 4,452 | |||||
Other comprehensive income/ (loss): | ||||||||||
Foreign currency translation adjustments | 1,213 | (9,819) | (12,271) | (8,606) | 744 | |||||
Total other comprehensive income / (loss) | 1,213 | (9,819) | (12,271) |
(8,606) |
744 | |||||
Comprehensive income / (loss) | 3,589 | 23,408 | (14,460) | 26,997 | 5,196 | |||||
Comprehensive loss attributable to non- | (6) | (9) | - |
(15) |
- | |||||
Comprehensive income / (loss) |
|
|
|
|
| |||||
Earnings / (loss) per ADS | ||||||||||
- continuing operations | 0.17 | 2.38 | (0.20) | 2.55 | 0.23 | |||||
- discontinued operations | - | (0.01) | 0.04 | (0.01) | 0.10 | |||||
Basic | 0.17 | 2.37 | (0.16) | 2.54 | 0.33 | |||||
- continuing operations | 0.16 | 2.28 | (0.20) | 2.44 | 0.23 | |||||
- discontinued operations | - | (0.01) | 0.04 | (0.01) | 0.09 | |||||
Diluted | 0.16 | 2.27 | (0.16) | 2.43 | 0.32 | |||||
Weighted average ADS outstanding | ||||||||||
Basic | 14,109,241 | 13,991,847 | 13,492,010 | 14,042,495 | 13,426,612 | |||||
Diluted | 14,682,134 | 14,669,820 | 13,936,671 | 14,664,055 | 13,846,728 | |||||
Daqo New Energy Corp. | |||||||
Unaudited Consolidated Balance Sheets | |||||||
(US dollars in thousands) | |||||||
Jun 30, 2020 | Mar 31, 2020 | Jun 30, 2019 | |||||
ASSETS: | |||||||
Current Assets: | |||||||
Cash and cash equivalents | |||||||
Restricted cash | 27,551 | 57,639 | 48,375 | ||||
Accounts receivable, net | 65 | 213 | 86 | ||||
Notes receivable | 8,163 | 4,402 | 9,435 | ||||
Prepaid expenses and other current assets | 13,476 | 13,249 | 13,765 | ||||
Advances to suppliers | 6,712 | 8,962 | 8,688 | ||||
Inventories, net | 26,824 | 33,234 | 19,871 | ||||
Amount due from related parties | 12 | - | 4,572 | ||||
Current assets associated with discontinued |
667 |
664 |
1,133 | ||||
Total current assets | 171,685 | 181,531 | 137,175 | ||||
Property, plant and equipment, net | 956,675 | 968,418 | 763,388 | ||||
Prepaid land use right | 28,826 | 28,936 | 22,029 | ||||
Deferred tax assets | 1,332 | 1,330 | 823 | ||||
Investment in affiliate | 633 | 631 | 651 | ||||
Operating lease Right-of-use assets | 153 | 173 | 158 | ||||
Non-current asset associated with discontinued |
181 |
197 |
55,175 | ||||
TOTAL ASSETS | 1,159,485 | 1,181,216 | 979,399 | ||||
Current liabilities: | |||||||
Short-term borrowings, including current portion of |
147,839 |
116,602 |
91,760 | ||||
Accounts payable | 18,833 | 17,716 | 11,106 | ||||
Notes payable | 49,143 | 89,614 | 73,135 | ||||
Advances from customers-short term portion | 23,500 | 11,640 | 25,654 | ||||
Payables for purchases of property, plant and |
97,239 |
106,208 |
25,213 | ||||
Accrued expenses and other current liabilities | 18,262 | 11,284 | 9,340 | ||||
Amount due to related parties | 8,169 | 43,363 | 683 | ||||
Income tax payable | 4,414 | 10,975 | 1,975 | ||||
Lease liabilities - short term portion | 74 | 85 | 115 | ||||
Current liabilities associated with discontinued |
877 |
1,164 |
6,879 | ||||
Total current liabilities | 368,350 | 408,651 | 245,860 | ||||
Long-term borrowings | 116,911 | 149,018 | 151,475 | ||||
Advance from customers – long term portion | 1,132 | 1,624 | 3,496 | ||||
Amount due to related parties - long term portion | 16,247 | - | 16,022 | ||||
Other long-term liabilities | 20,067 | 20,536 | 21,213 | ||||
Deferred tax liabilities | 5,459 | 6,271 | 1,159 | ||||
Lease liabilities – long term portion | - | 77 | 58 | ||||
Non-current liabilities associated with discontinued |
- |
- |
702 | ||||
TOTAL LIABILITIES | 528,166 | 586,177 | 439,985 | ||||
EQUITY: | |||||||
Ordinary shares | 36 | 35 | 34 | ||||
Treasury stock | (1,749) | (1,749) | (1,749) | ||||
Additional paid-in capital | 396,445 | 391,843 | 377,767 | ||||
Accumulated gains | 236,535 | 234,152 | 175,851 | ||||
Accumulated other comprehensive loss | (28,538) | (29,750) | (12,489) | ||||
Total Daqo New Energy Corp.'s shareholders' equity | 602,729 | 594,531 | 539,414 | ||||
Non-controlling interest | 28,590 | 508 | - | ||||
Total equity | 631,319 | 595,039 | 539,414 | ||||
TOTAL LIABILITIES & EQUITY | 1,159,485 | 1,181,216 | 979,399 | ||||
Daqo New Energy Corp. | |||||
Unaudited Consolidated Statements of Cash Flows | |||||
(US dollars in thousands) | |||||
For the six months ended June 30, | |||||
2020 | 2019 | ||||
Operating Activities: | |||||
Net income | |||||
Less: (loss) / income from discontinued operations, net of tax | (141) | 1,282 | |||
Net income from continuing operations | 35,744 | 3,170 | |||
Adjustments to reconcile net income to net cash provided by |
44,865 |
30,418 | |||
Changes in operating assets and liabilities | (33,599) | 32,229 | |||
Net cash provided by operating activities-continuing operations | 47,010 | 65,817 | |||
Net cash (used in) / provided by operation activities-discontinued | (50) | 1,992 | |||
Net cash provided by operating activities | 46,960 | 67,809 | |||
Investing activities: | |||||
Net cash used in investing activities-continuing operations | (60,195) | (146,547) | |||
Net cash (used in) / provided by investing activities-discontinuing |
(195) |
1,647 | |||
Net cash used in investing activities | (60,390) | (144,873) | |||
Financing activities: |
28,088 |
- 72,263 | |||
Net cash provided by financing activities – continuing operations | 16,292 | 72,263 | |||
Net cash used in financing activities – discontinued operations | (64) | (10,971) | |||
Net cash provided by financing activities | 16,228 | 61,292 | |||
Non-cash transactions | |||||
Effect of exchange rate changes | (1,667) | 357 | |||
Net increase / (decrease) in cash, cash equivalents and restricted cash | 1,131 | (15,415) | |||
Cash, cash equivalents and restricted cash at the beginning of the period | 115,294 | 95,120 | |||
Cash, cash equivalents and restricted cash at the end of the period | 116,425 | 79,705 | |||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.
Jun 30, 2020 | Jun 30, 2019 | |||
Cash and cash equivalents | 88,874 | 31,330 | ||
Restricted cash | 27,551 | 48,375 | ||
Total cash, cash equivalents, and restricted cash shown in the | 116,425 | 79,705 |
Daqo New Energy Corp. | ||||||||||
Reconciliation of non-GAAP financial measures to comparable US GAAP measures | ||||||||||
(US dollars in thousands) | ||||||||||
Three months Ended | Six months Ended | |||||||||
Jun 30, | Mar 31, | Jun 30, | Jun 30, | Jun 30, | ||||||
Net income / (loss) from continuing operation | 2,431 | 33,313 | (2,693) | 35,744 | 3,170 | |||||
Income tax expense | 2,037 | 6,344 | 662 | 8,381 | 2,091 | |||||
Interest expense | 6,653 | 6,287 | 1,889 | 12,940 | 3,910 | |||||
Interest income | (368) | (151) | (258) | (519) | (582) | |||||
Depreciation & Amortization | 16,004 | 17,275 | 10,637 | 33,279 | 21,647 | |||||
EBITDA from continuing operation (non-GAAP) | 26,757 | 63,068 | 10,237 | 89,825 | 30,236 | |||||
EBITDA margin from continuing operation (non-GAAP) | ||||||||||
Three months Ended | Six months Ended | |||||||||
Jun 30, | Mar 31, | Jun 30, | Jun 30, | Jun 30, | ||||||
Net income / (loss) attributable to Daqo New Energy Corp. |
2,383 |
33,230 |
(2,189) |
35,613 |
4,452 | |||||
Share-based compensation | 4,491 | 4,461 | 4,486 | 8,952 | 8,960 | |||||
Adjusted net income (non-GAAP) attributable to Daqo New | 6,874 | 37,691 | 2,297 | 44,565 | 13,412 | |||||
Adjusted earnings per basic ADS (non-GAAP) | ||||||||||
Adjusted earnings per diluted ADS (non-GAAP) | ||||||||||
For further information, please contact:
Daqo New Energy Corp.
Investor Relations Department
Phone: +86-187-1658-5553
Email: dqir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
E-mail: rvanguestaine@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
For more information, please visit www.dqsolar.com
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SOURCE Daqo New Energy Corp.
