Daqo New Energy Announces Unaudited Second Quarter 2021 Results
Daqo New Energy Corp. (DQ) reported strong Q2 2021 financial results with revenue of $441.4 million, up from $256.1 million in Q1 2021. The net income increased significantly to $232.1 million, compared to $83.2 million in the previous quarter. Gross profit reached $303.2 million, marking a gross margin of 68.7%. Polysilicon production was 21,102 MT, and while sales volume slightly dropped, the average selling price surged to $20.81/kg from $11.90/kg. The company raised its polysilicon production guidance for 2021 to approximately 83,000 to 85,000 MT.
- Revenue increased to $441.4 million, a 72.3% rise from Q1 2021.
- Net income surged to $232.1 million, up from $83.2 million in Q1 2021.
- Gross profit increased to $303.2 million, with a gross margin of 68.7%.
- Average selling price of polysilicon soared to $20.81/kg from $11.90/kg.
- Production guidance raised to 83,000-85,000 MT for 2021.
- Polysilicon sales volume decreased to 21,060 MT from 21,471 MT in Q1 2021.
- Average total production cost slightly increased to $6.31/kg from $6.29/kg.
SHANGHAI, Aug. 18, 2021 /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 2021.
Second Quarter 2021 Financial and Operating Highlights
- Polysilicon production volume was 21,102 MT in Q2 2021, compared to 20,185 MT in Q1 2021
- Polysilicon sales volume was 21,060 MT in Q2 2021, compared to 21,471 MT in Q1 2021
- Polysilicon average total production cost(1) was
$6.31 /kg in Q2 2021, compared to$6.29 /kg in Q1 2021 - Polysilicon average cash cost(1) was
$5.41 /kg in Q2 2021, compared to$5.37 /kg in Q1 2021 - Polysilicon average selling price (ASP) was
$20.81 /kg in Q2 2021, compared to$11.90 /kg in Q1 2021 - Revenue was
$441.4 million in Q2 2021, compared to$256.1 million in Q1 2021 - Gross profit was
$303.2 million in Q2 2021, compared to$118.9 million in Q1 2021. Gross margin was68.7% in Q2 2021, compared to46.4% in Q1 2021 - Net income attributable to Daqo New Energy Corp. shareholders was
$232.1 million in Q2 2021, compared to$83.2 million in Q1 2021 - Earnings per basic American Depositary Share (ADS)(3) was
$3.15 in Q2 2021, compared to$1.13 in Q1 2021 - EBITDA (non-GAAP)(2) was
$311.7 million in Q2 2021, compared to$128.1 million in Q1 2021. EBITDA margin (non-GAAP)(2) was70.6% in Q2 2021, compared to50.0% in Q1 2021 - Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was
$234.5 million in Q2 2021, compared to$86.2 million in Q1 2021 - Adjusted earnings per basic ADS(3) (non-GAAP)(2) was
$3.18 in Q2 2021, compared to$1.18 in Q1 2021
Three months ended | |||
US$ millions except as indicated otherwise | Jun 30, | Mar 31, | Jun 30, |
Revenues | 441.4 | 256.1 | 133.5 |
Gross profit | 303.2 | 118.9 | 22.7 |
Gross margin | |||
Income from operations | 292.4 | 109.2 | 10.8 |
Net income attributable to Daqo New Energy Corp. | 232.1 | 83.2 | 2.4 |
Earnings per basic ADS(3) ($ per ADS) | 3.15 | 1.13 | 0.03 |
Adjusted net income (non-GAAP)(2) attributable to | 234.5 | 86.2 | 6.9 |
Adjusted earnings per basic ADS(3) (non-GAAP)(2) | 3.18 | 1.18 | 0.10 |
EBITDA (non-GAAP) (2) | 311.7 | 128.1 | 26.8 |
EBITDA margin (non-GAAP)(2) | |||
Polysilicon sales volume (MT) | 21,060 | 21,471 | 18,881 |
Polysilicon average total production cost ($/kg)(1) | 6.31 | 6.29 | 5.79 |
Polysilicon average cash cost (excl. dep'n) ($/kg)(1) | 5.41 | 5.37 | 4.87 |
Notes:
(1) Production cost and cash cost only refer to production in our polysilicon facilities in Xinjiang. Production cost is calculated by the inventoriable costs relating to production of polysilicon in Xinjiang divided by the production volume in the period indicated. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense, divided by the production volume in the period indicated.
(2) Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic 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.
(3) ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary shares from one (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing five (5) ordinary shares. The earnings per ADS and number of ADS information have been retrospectively adjusted to reflect the change for all periods presented.
Management Remarks
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "We are very excited to report an excellent quarter with strong revenue growth and better-than-expected profitability, as the Company achieved record-high production volume, gross profit, and net income. With the global focus on addressing the climate challenge with plans to reach carbon neutrality, market conditions remain strong for the polysilicon sector. The strong increase in downstream demand has led to a shortage of polysilicon and caused our polysilicon ASP to rise significantly from
"Recently the solar value chain has been stable at the new market prices and downstream manufacturers are currently able to pass through price increases to their customers. During the week of August 9, major solar wafer and solar cell manufacturers in China announced price increases for solar wafers and solar cells, further demonstrating the strong end-market demand. We saw an uptick in polysilicon pricing in the last two weeks with a surge in orders from our diverse customer base. We expect the constrained polysilicon supply to be the main limiting factor to the size of the global solar market this year."
"Polysilicon production is a complex chemical process and has the highest barrier to entry in the solar value chain. Based on our research, we expect to see approximately 180~220 thousand MT of additional polysilicon supply in 2022 considering a potential six months' ramp-up period for other polysilicon producers. This total global polysilicon supply can be used to produce approximately 240~250 GW of solar modules which can support approximately 200~210 GW of solar installations in 2022. So, the polysilicon sector will still be the one with most constrained supply across the main solar PV manufacturing value chain in 2022. On the demand side, more and more countries have set up time tables for peak carbon and carbon neutrality targets that will significantly increase demand for renewable energies including solar PV. In addition, there is still meaningful room for potential cost reduction across the value chain, which will effectively stimulate larger demand, especially given that solar PV has already reached grid parity in many countries and regions in the world. As a result, we believe polysilicon pricing will remain healthy in 2022 making our sector one of the most attractive sectors in the solar PV industry in the long run given its high entry barrier and operational complexity."
"On the policy front, during the Politburo Central Committee meeting on July 30 regarding economic activity in the second half of 2021, with China's President Mr. Xi Jinping presiding over the meeting, the central government reiterated the urgency for national coordination on carbon peak and carbon neutrality goals and the development of the peak carbon 2030 action plans and related policies as early as possible. In addition, China recently announced an ambitious program to massively deploy distributed generation solar projects at the local government level. We believe solar will continue to be a strong beneficiary of government policies and support."
"With regard to our ESG initiatives, we are in the process of incorporating environmental, social and governance factors in all of our major business decisions, and we published our inaugural ESG Sustainability Report in July. We are already making substantial progress on the sustainability front, including installing a new wastewater treatment facility in 2018 that reduced our wastewater discharge density by
"We continue to focus on initiatives to strengthen the Company's long-term competitiveness. Our major operational subsidiary, Xinjiang Daqo New Energy ("Xinjiang Daqo"), successfully completed its IPO listing on China's A share market and started trading on the Shanghai Stock Exchange's Sci-Tech Innovation Board (SSE, code: 688303) on 22 July, 2021. The total gross proceeds of the IPO are approximately RMB6.45 billion, which will fund Xinjiang Daqo's polysilicon expansion project and provide additional capital for its future growth plans. Following the Xinjiang Daqo's IPO, Daqo New Energy directly holds approximately
Outlook and guidance
The Company produced 41,287 MT of polysilicon and sold approximately 42,531 MT of polysilicon in the first half of 2021, representing full utilization level of the company's production facilities. For the second half of 2021, the Company expects to remain in full utilization with sales volume similar to production volume. For the full year of 2021, the Company raises its production guidance from the previous level of 81,000 to 83,000 MT to the level of approximately 83,000 to 85,000 MT of polysilicon for the full year, 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 2021 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 from operations and operating margin
As a result of the foregoing, income from operations was
Operating margin was
Interest expense
Interest expense was
Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS
As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was
Earnings per basic American Depository Share (ADS) was
EBITDA (non-GAAP)
EBITDA (non-GAAP) was
Financial Condition
As of June 30,2021, the Company had
Cash Flows
For the six months ended June 30, 2021, net cash provided by operating activities was
For the six months ended June 30, 2021, net cash used in investing activities was
For the six months ended June 30, 2021, net cash used in 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 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, 2021. (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/dq210818.html
A replay of the call will be available 1 hour after the end of the conference through August 25, 2021.
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: | 10159546 |
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 2007, the Company is one of the world's lowest cost producers of high-purity polysilicon. It has a total annual capacity of 70,000 metric tons of high-purity polysilicon, with another 35,000 metric tons polysilicon capacity under construction, which is expected to reach full capacity by the end of the first quarter of 2022.
For more information, please visit www.dqsolar.com
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 second half and the full year of 2021 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 | (138,133) | (137,151) | (110,820) | (275,284) | (223,097) | |||||
Gross profit | 303,235 | 118,944 | 22,698 | 422,179 | 79,252 | |||||
Operating expenses | ||||||||||
Selling, general and administrative | (9,267) | (9,033) | (10,120) | (18,301) |
(19,012) | |||||
Research and development expenses | (2,101) | (1,197) | (1,958) | (3,299) | (3,612) | |||||
Other operating income / (expense) | 549 | 479 | 133 | 1,028 | (82) | |||||
Total operating expenses | (10,819) | (9,751) | (11,945) | (20,572) | (22,706) | |||||
Income from operations | 292,416 | 109,193 | 10,753 | 401,607 | 56,546 | |||||
Interest expense | (7,224) | (7,825) | (6,653) | (15,049) | (12,940) | |||||
Interest income | 793 | 282 | 368 | 1,076 | 519 | |||||
Income before income taxes | 285,985 | 101,650 | 4,468 | 387,634 | 44,125 | |||||
Income tax expense | (43,083) | (14,487) | (2,037) | (57,570) | (8,381) | |||||
Net income from continuing operations | 242,902 | 87,163 | 2,431 | 330,064 | 35,744 | |||||
Loss from discontinued operations, net of | - | - | (55) | - | (141) | |||||
Net income | 242,902 | 87,163 | 2,376 | 330,064 | 35,603 | |||||
Net income / (loss) attributable to non- | 10,802 | 3,944 | (7) | 14,746 | (10) | |||||
Net income attributable to Daqo New | ||||||||||
Net income | 242,902 | 87,163 | 2,376 | 330,064 | 35,603 | |||||
Other comprehensive income / (loss): | ||||||||||
Foreign currency translation adjustments | 12,805 | (3,857) | 1,213 | 8,949 | (8,606) | |||||
Total other comprehensive income / (loss) | 12,805 | (3,857) | 1,213 | 8,949 | (8,606) | |||||
Comprehensive income | 255,707 | 83,306 | 3,589 | 339,013 | 26,997 | |||||
Comprehensive income / (loss) | 11,314 | 3,788 | (6) | 15,101 | (15) | |||||
Comprehensive income attributable to | ||||||||||
Earnings per ADS* | ||||||||||
- continuing operations | 3.15 | 1.13 | 0.03 | 4.29 | 0.51 | |||||
- discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Basic | 3.15 | 1.13 | 0.03 | 4.29 | 0.51 | |||||
- continuing operations | 3.03 | 1.08 | 0.03 | 4.11 | 0.47 | |||||
- discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Diluted | 3.03 | 1.08 | 0.03 | 4.11 | 0.47 | |||||
Weighted average ADS outstanding* | ||||||||||
Basic | 73,714,734 | 73,338,969 | 70,546,207 | 73,522,256 | 70,212,474 | |||||
Diluted | 76,688,538 | 76,744,468 | 76,270,603 | 76,745,282 | 76,245,947 | |||||
Daqo New Energy Corp. | |||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(US dollars in thousands) | |||||||
Jun 30, 2021 | Mar 31, 2021 | Jun 30, 2020 | |||||
ASSETS: | |||||||
Current Assets: | |||||||
Cash and cash equivalents | 227,148 | 167,049 | 88,215 | ||||
Restricted cash | 42,576 | 60,800 | 27,551 | ||||
Short-term investment | 10,403 | 7,631 | - | ||||
Accounts receivable, net | - | 18 | 65 | ||||
Notes receivable | 96,977 | 38,547 | 8,163 | ||||
Prepaid expenses and other current assets | 13,170 | 9,857 | 13,476 | ||||
Advances to suppliers | 5,630 | 5,468 | 6,712 | ||||
Inventories | 33,815 | 34,064 | 26,824 | ||||
Amount due from related parties | - | - | 12 | ||||
Current assets associated with discontinued | - | - | 667 | ||||
Total current assets | 429,719 | 323,434 | 171,685 | ||||
Property, plant and equipment, net | 1,217,524 | 1,081,352 | 956,675 | ||||
Prepaid land use right | 37,020 | 30,534 | 28,826 | ||||
Amount due from related parties – long term | 31,568 | - | - | ||||
Deferred tax assets | - | - | 1,332 | ||||
Investment in affiliate | 692 | 682 | 633 | ||||
Operating lease right-of-use assets | 73 | 96 | 153 | ||||
Other non-current assets | 155 | 3,016 | - | ||||
Non-current asset associated with discontinued | - | - | 181 | ||||
TOTAL ASSETS | 1,716,751 | 1,439,114 | 1,159,485 | ||||
Current liabilities: | |||||||
Short-term borrowings, including current portion | 85,661 | 121,822 | 147,839 | ||||
Accounts payable | 18,303 | 17,848 | 18,833 | ||||
Notes payable | 42,542 | 60,774 | 49,143 | ||||
Advances from customers-short term portion | 115,856 | 64,640 | 23,500 | ||||
Payables for purchases of property, plant and | 36,018 | 34,778 | 97,239 | ||||
Accrued expenses and other current liabilities | 47,140 | 24,632 | 18,262 | ||||
Amount due to related parties | 4,812 | 4,889 | 8,169 | ||||
Income tax payable | 44,933 | 18,087 | 4,414 | ||||
Lease liabilities - short term portion | - | 83 | 74 | ||||
Current liabilities associated with discontinued | - | - | 877 | ||||
Total current liabilities | 395,265 | 347,553 | 368,350 | ||||
Long-term borrowings | 70,948 | 100,422 | 116,911 | ||||
Advance from customers – long term portion | 78,212 | 77,494 | 1,132 | ||||
Amount due to related parties - long term | 4,385 | 4,272 | 16,247 | ||||
Deferred government subsidies | 22,106 | 21,629 | 20,067 | ||||
Deferred Tax Liabilities | 2,526 | 2,505 | 5,459 | ||||
TOTAL LIABILITIES | 573,442 | 553,875 | 528,166 | ||||
EQUITY: | |||||||
Ordinary shares | 37 | 37 | 36 | ||||
Treasury stock | (1,749) | (1,749) | (1,749) | ||||
Additional paid-in capital | 417,830 | 415,467 | 396,445 | ||||
Retained earnings | 645,436 | 413,337 | 236,535 | ||||
Accumulated other comprehensive income/(loss) | 34,861 | 22,567 | (28,538) | ||||
Total Daqo New Energy Corp. shareholders' | 1,096,415 | 849,659 | 602,729 | ||||
Non-controlling interest | 46,894 | 35,580 | 28,590 | ||||
Total equity | 1,143,309 | 885,239 | 631,319 | ||||
TOTAL LIABILITIES & EQUITY | 1,716,751 | 1,439,114 | 1,159,485 | ||||
Daqo New Energy Corp. | |||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||
(US dollars in thousands) | |||||
For the six months ended Jun 30, | |||||
2021 | 2020 | ||||
Operating Activities: | |||||
Net income | 330,064 | 35,603 | |||
Less: Loss from discontinued operations, net of tax | - | (141) | |||
Net income from continuing operations | 330,064 | 35,744 | |||
Adjustments to reconcile net income to net cash provided by operating | 44,106 | 44,865 | |||
Changes in operating assets and liabilities | 68,083 | (33,599) | |||
Net cash provided by operating activities-continuing operations | 442,253 | 47,010 | |||
Net cash used in operation activities-discontinued operations | - | (50) | |||
Net cash provided by operating activities | 442,253 | 46,960 | |||
Investing activities: | |||||
Net cash used in investing activities-continuing operations | (255,449) | (60,195) | |||
Net cash used in investing activities-discontinuing operations | - | (195) | |||
Net cash used in investing activities | (255,449) | (60,390) | |||
Financing activities: | |||||
Net cash (used in) / provided by financing activities – continuing operations | (37,056) | 16,292 | |||
Net cash used in financing activities – discontinued operations | - | (64) | |||
Net cash (used in) / provided by financing activities | (37,056) | 16,228 | |||
Effect of exchange rate changes | 1,572 | (1,667) | |||
Net increase in cash, cash equivalents and restricted cash | 151,320 | 1,131 | |||
Cash, cash equivalents and restricted cash at the beginning of the period | 118,404 | 115,294 | |||
Cash, cash equivalents and restricted cash at the end of the period | 269,724 | 116,425 | |||
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, 2021 | Jun 30, 2020 | |||
Cash and cash equivalents | 227,148 | 88,874 | ||
Restricted cash | 42,576 | 27,551 | ||
Total cash, cash equivalents, and restricted cash shown in the | 269,724 | 116,425 |
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 from continuing operation | 242,902 | 87,163 | 2,431 | 330,064 | 35,744 | |||||
Income tax expense | 43,083 | 14,487 | 2,037 | 57,570 | 8,381 | |||||
Interest expense | 7,224 | 7,825 | 6,653 | 15,049 | 12,940 | |||||
Interest income | (793) | (282) | (368) | (1,076) | (519) | |||||
Depreciation & Amortization | 19,322 | 18,914 | 16,004 | 38,236 | 33,279 | |||||
EBITDA from continuing operation (non-GAAP) | 311,738 | 128,107 | 26,757 | 439,843 | 89,825 | |||||
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 attributable to Daqo New Energy Corp. | 232,100 | 83,219 | 2,383 | 315,318 | 35,613 | |||||
Share-based compensation | 2,358 | 3,001 | 4,491 | 5,359 | 8,952 | |||||
Adjusted net income (non-GAAP) attributable to Daqo | 234,458 | 86,220 | 6,874 | 320,677 | 44,565 | |||||
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
Email: dqir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86-10- 5900-1548
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.
