Daqo New Energy Announces Unaudited Third Quarter 2021 Results
Daqo New Energy Corp. (NYSE: DQ) reported strong financial results for Q3 2021, with revenues of $585.8 million, up from $441.4 million in Q2 2021. Gross profit reached $435.2 million, resulting in a gross margin of 74.3%. The company's polysilicon production volume increased to 21,684 MT, with sales volume at 21,183 MT. Average selling prices surged to $27.55/kg, a 32% rise from the previous quarter. Daqo improved its cash position, holding $661 million in cash and equivalents, and reduced its debt-to-asset ratio to 18.2%. The company maintains an optimistic outlook despite rising production costs.
- Revenue increased to $585.8 million in Q3 2021, up from $441.4 million in Q2 2021.
- Gross profit improved to $435.2 million, leading to a gross margin of 74.3%.
- Polysilicon average selling price (ASP) rose to $27.55/kg, a significant 32% increase from Q2 2021.
- Net income attributable to shareholders reached $292.3 million, compared to $232.1 million in Q2 2021.
- Cash and cash equivalents totaled $661 million, enhancing liquidity for future expansion.
- Debt-to-asset ratio improved to 18.2%, indicating stronger financial stability.
- Production costs increased by 8.4% quarter-over-quarter, mainly due to rising silicon powder prices.
SHANGHAI, Oct. 28, 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 third quarter of 2021.
Third Quarter 2021 Financial and Operating Highlights
- Polysilicon production volume was 21,684 MT in Q3 2021, compared to 21,102 MT in Q2 2021
- Polysilicon sales volume was 21,183 MT in Q3 2021, compared to 21,060 MT in Q2 2021
- Polysilicon average total production cost(1) was
$6.84 /kg in Q3 2021, compared to$6.31 /kg in Q2 2021 - Polysilicon average cash cost(1) was
$5.96 /kg in Q3 2021, compared to$5.41 /kg in Q2 2021 - Polysilicon average selling price (ASP) was
$27.55 /kg in Q3 2021, compared to$20.81 /kg in Q2 2021 - Revenue was
$585.8 million in Q3 2021, compared to$441.4 million in Q2 2021 - Gross profit was
$435.2 million in Q3 2021, compared to$303.2 million in Q2 2021. Gross margin was74.3% in Q3 2021, compared to68.7% in Q2 2021 - Net income attributable to Daqo New Energy Corp. shareholders was
$292.3 million in Q3 2021, compared to$232.1 million in Q2 2021 - Earnings per basic American Depositary Share (ADS)(3) was
$3.95 in Q3 2021, compared to$3.15 in Q2 2021 - EBITDA (non-GAAP)(2) was
$441.8 million in Q3 2021, compared to$311.7 million in Q2 2021. EBITDA margin (non-GAAP)(2) was75.4% in Q3 2021, compared to70.6% in Q2 2021 - Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was
$294.7 million in Q3 2021, compared to$234.5 million in Q2 2021 - Adjusted earnings per basic ADS(3) (non-GAAP)(2) was
$3.98 in Q3 2021, compared to$3.18 in Q2 2021
Three months ended | |||
US$ millions except as indicated otherwise | Sep 30, 2021 | Jun 30, 2021 | Sep 30, 2020 |
Revenues | 585.8 | 441.4 | 125.5 |
Gross profit | 435.2 | 303.2 | 45.3 |
Gross margin | |||
Income from operations | 421.7 | 292.4 | 33.3 |
Net income attributable to Daqo New Energy Corp. shareholders | 292.3 | 232.1 | 20.8 |
Earnings per basic ADS(3) ($ per ADS) | 3.95 | 3.15 | 0.29 |
Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders | 294.7 | 234.5 | 25.2 |
Adjusted earnings per basic ADS(3) (non-GAAP)(2) ($ per ADS) | 3.98 | 3.18 | 0.35 |
EBITDA (non-GAAP) (2) | 441.8 | 311.7 | 51.6 |
EBITDA margin (non-GAAP)(2) | |||
Polysilicon sales volume (MT) | 21,183 | 21,060 | 13,643 |
Polysilicon average total production cost ($/kg)(1) | 6.84 | 6.31 | 5.82 |
Polysilicon average cash cost (excl. dep'n) ($/kg)(1) | 5.96 | 5.41 | 4.88 |
Notes: (1) Production cost and cash cost only refer to production in our 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 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 record-high production volume and net profit in the company's history. The strong end market environment, supported by favorable global policies to address climate change and rapidly increasing use of green energy, resulted in stronger-than-expected downstream demand that continues to push up polysilicon market prices. Our third quarter polysilicon ASP was
"During the first three quarters of 2021, we generated
"In the third and fourth quarter of this year, we have observed some volatility in the global energy market. Prices of almost all energy sources are going up quickly and significantly, including the prices of natural gas, oil, and coal. In many regions in China, many companies are required to shut down production from time to time due to the shortage of electricity supply and carbon emissions control. Fortunately, the Chinese government quickly responded to the challenging situation by accelerating coal production and allowing electricity prices for industrial users to float according to market, resulting in rising electricity prices. We expect these measures will further stimulate the solar end market for electricity generation in the near term. With solar already at grid parity broadly, higher fossil fuels make solar projects more competitive. In addition, according to the newly released policies, the usage of renewable energy will not be counted towards the energy usage quota, which will further promote renewable energy in the future. This also explains why the demand from industrial users for solar distributed generation is strong even in the current high-price module environment. On the other hand, because of the strict energy quota and carbon emission control, the overall expansion pace of the polysilicon industry will inevitably slow down. For example, as we are now in the process of identifying the location for our next expansion project, the energy quota issue becomes more and more challenging. We will be committed to using more renewable energy in our next polysilicon project in order to secure the energy quota, which will allow us to gradually realize the idea of 'green poly' or 'solar for solar'."
"This October, at the United Nations Biodiversity Conference in Kunming, Chinese President Xi Jinping announced that the first step had been taken towards the construction of a huge 400 GW wind and solar park. Construction on the first phase, comprising 100 gigawatts of wind and solar in deserts in China is already underway. The full 400 GW project would be half finished by 2025. The Chinese government has also released policies to promote energy storage systems especially for water reservoirs storage in the near term. With all these plans and policies in place, it's very clear that China has made a strong determination supported by initial and detailed plans to build a new national energy infrastructure in which renewable energy will play a critical role. The newly announced policies and evolving energy market environment illustrate a vast potential market for solar in China which is much larger than previously anticipated. Therefore, we are very optimistic about solar PV's demand in the future and expect the polysilicon sector will continue to be one of the most favorable sectors in the foreseeable future, as polysilicon availability will remain as the main constraint and determinant for the future size of the solar end market."
Outlook and guidance
The Company produced 62,970 MT of polysilicon and sold approximately 63,714 MT of polysilicon in the first three quarters of 2021, representing full utilization level of the company's production facilities. For the full year of 2021, the Company's guidance on annual polysilicon production volume is at the level of approximately 83,000 to 85,000 MT, 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.
Third 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 September 30, 2021, the Company had
Cash Flows
For the nine months ended September 30, 2021, net cash provided by operating activities was
For the nine months ended September 30, 2021, net cash used in investing activities was
For the nine months ended September 30, 2021, 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 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 October 28, 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 | ||
You can also listen to the conference call via Webcast through the URL:
https://services.choruscall.com/links/dq211028.html
A replay of the call will be available 1 hour after the end of the conference through November 5, 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: | 10161212 |
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 fourth quarter 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 | Nine months ended | |||||||||
Sep 30, | Jun 30, | Sep 30, | Sep 30, | Sep 30, | ||||||
Revenues | ||||||||||
Cost of revenues | (150,583) | (138,133) | (80,276) | (425,866) | (303,373) | |||||
Gross profit | 435,199 | 303,235 | 45,253 | 857,379 | 124,505 | |||||
Operating expenses | ||||||||||
Selling, general and administrative | (11,353) | (9,267) | (9,223) | (29,654) | (28,235) | |||||
Research and development expenses | (1,927) | (2,101) | (1,746) | (5,226) | (5,358) | |||||
Other operating (expense)/income | (203) | 549 | (954) | 825 | (1,036) | |||||
Total operating expenses | (13,483) | (10,819) | (11,923) | (34,055) | (34,629) | |||||
Income from operations | 421,716 | 292,416 | 33,330 | 823,324 | 89,876 | |||||
Interest expense | (6,419) | (7,224) | (5,438) | (21,468) | (18,378) | |||||
Interest income | 1,913 | 793 | 200 | 2,989 | 719 | |||||
Gain on changes of fair values of short- | 695 | - | - | 695 | - | |||||
Income before income taxes | 417,905 | 285,985 | 28,092 | 805,540 | 72,217 | |||||
Income tax expense | (62,137) | (43,083) | (6,193) | (119,707) | (14,574) | |||||
Net income from continuing operations | 355,768 | 242,902 | 21,899 | 685,833 | 57,643 | |||||
Loss from discontinued operations, net of |
- |
- |
- |
- |
(141) | |||||
Net income | 355,768 | 242,902 | 21,899 | 685,833 | 57,502 | |||||
Net income attributable to non-controlling |
63,439 |
10,802 |
1,142 |
78,185 |
1,132 | |||||
Net income attributable to Daqo New |
|
|
|
|
| |||||
Net income | 355,768 | 242,902 | 21,899 | 685,833 | 57,502 | |||||
Foreign currency translation adjustments | 6,426 | 12,805 | 25,937 | 15,375 | 17,331 | |||||
Total other comprehensive income | 6,426 | 12,805 | 25,937 | 15,375 | 17,331 | |||||
Comprehensive income | 362,194 | 255,707 | 47,836 | 701,208 | 74,833 | |||||
Comprehensive income attributable to |
64,979 |
11,314 |
1,163 |
80,080 |
1,148 | |||||
Comprehensive income attributable to |
|
|
|
|
| |||||
Earnings per ADS* | ||||||||||
- continuing operations | 3.95 | 3.15 | 0.29 | 8.25 | 0.80 | |||||
- discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Basic | 3.95 | 3.15 | 0.29 | 8.25 | 0.80 | |||||
- continuing operations | 3.81 | 3.03 | 0.27 | 7.92 | 0.74 | |||||
- discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Diluted | 3.81 | 3.03 | 0.27 | 7.92 | 0.74 | |||||
Weighted average ADS outstanding* | ||||||||||
Basic | 74,045,141 | 73,714,734 | 71,281,184 | 73,697,802 | 70,570,987 | |||||
Diluted | 76,681,604 | 76,688,538 | 76,626,371 | 76,744,977 | 76,398,480 | |||||
Daqo New Energy Corp. Unaudited Condensed Consolidated Balance Sheets (US dollars in thousands) | |||||||
Sep 30, 2021 | Jun 30, 2021 | Sep 30, 2020 | |||||
ASSETS: | |||||||
Current Assets: | |||||||
Cash and cash equivalents | 660,913 | 227,148 | 70,150 | ||||
Restricted cash | - | 42,576 | 39,640 | ||||
Short-term investment | 414,201 | 10,403 | - | ||||
Accounts receivable, net | 72 | - | 42 | ||||
Notes receivable | 353,299 | 96,977 | 1,908 | ||||
Prepaid expenses and other current assets | 7,345 | 13,170 | 12,972 | ||||
Advances to suppliers | 26,736 | 5,630 | 1,229 | ||||
Inventories | 46,231 | 33,815 | 53,640 | ||||
Amount due from related parties | - | - | 213 | ||||
Total current assets | 1,508,797 | 429,719 | 179,794 | ||||
Property, plant and equipment, net | 1,442,505 | 1,217,524 | 987,295 | ||||
Prepaid land use right | 36,882 | 37,020 | 29,815 | ||||
Amount due from related parties – long term | 886 | 31,568 | - | ||||
Deferred tax assets | - | - | 1,386 | ||||
Investment in affiliate | 693 | 692 | 658 | ||||
Operating lease right-of-use assets | 46 | 73 | 137 | ||||
Other non-current assets | 93 | 155 | 147 | ||||
TOTAL ASSETS | 2,989,902 | 1,716,751 | 1,199,232 | ||||
Current liabilities: | |||||||
Short-term borrowings, including current portion | - | 85,661 | 131,064 | ||||
Accounts payable | 22,226 | 18,303 | 19,739 | ||||
Notes payable | - | 42,542 | 62,128 | ||||
Advances from customers-short term portion | 179,986 | 115,856 | 17,544 | ||||
Payables for purchases of property, plant and | 81,892 | 36,018 | 76,158 | ||||
Accrued expenses and other current liabilities | 46,970 | 47,140 | 16,616 | ||||
Amount due to related parties | 21,392 | 4,812 | 4,820 | ||||
Income tax payable | 76,339 | 44,933 | 7,314 | ||||
Lease liabilities - short term portion | - | - | 78 | ||||
Total current liabilities | 428,805 | 395,265 | 335,461 | ||||
Long-term borrowings | - | 70,948 | 139,967 | ||||
Advance from customers – long term portion | 90,247 | 78,212 | 1,266 | ||||
Amount due to related parties - long term | - | 4,385 | 10,897 | ||||
Deferred government subsidies | 21,885 | 22,106 | 21,157 | ||||
Deferred Tax Liabilities | 2,523 | 2,526 | 5,647 | ||||
TOTAL LIABILITIES | 543,460 | 573,442 | 514,395 | ||||
EQUITY: | |||||||
Ordinary shares | 37 | 37 | 36 | ||||
Treasury stock | (1,749) | (1,749) | (1,749) | ||||
Additional paid-in capital | 1,014,496 | 417,830 | 405,784 | ||||
Retained earnings | 937,766 | 645,436 | 257,292 | ||||
Accumulated other comprehensive | 39,748 | 34,861 | (2,622) | ||||
Total Daqo New Energy Corp. shareholders' | 1,990,298 | 1,096,415 | 658,741 | ||||
Non-controlling interest | 456,144 | 46,894 | 26,096 | ||||
TOTAL EQUITY | 2,446,442 | 1,143,309 | 684,837 | ||||
TOTAL LIABILITIES & EQUITY | 2,989,902 | 1,716,751 | 1,199,232 | ||||
Daqo New Energy Corp. Unaudited Condensed Consolidated Statements of Cash Flows (US dollars in thousands) | |||||
For the nine months ended Sep 30, | |||||
2021 | 2020 | ||||
Operating Activities: | |||||
Net income | 685,833 | 57,502 | |||
Less: Loss from discontinued operations, net of tax | - | (141) | |||
Net income from continuing operations | 685,833 | 57,643 | |||
Adjustments to reconcile net income to net cash provided by operating | 65,263 | 68,248 | |||
Changes in operating assets and liabilities | (98,027) | (54,722) | |||
Net cash provided by operating activities-continuing operations | 653,069 | 71,169 | |||
Net cash used in operation activities-discontinued operations | - | (50) | |||
Net cash provided by operating activities | 653,069 | 71,119 | |||
Investing activities: | |||||
Purchases of property, plant and equipment | (437,661) | (80,147) | |||
Purchases of land use right | (6,224) | - | |||
(Purchases)/Maturities of short-term investment, net | (411,903) | - | |||
Net cash used in investing activities-continuing operations | (855,788) | (80,147) | |||
Net cash used in investing activities-discontinuing operations | - | (195) | |||
Net cash used in investing activities | (855,788) | (80,342) | |||
Financing activities: | |||||
Net cash provided by financing activities – continuing operations | 741,639 | 1,127 | |||
Net cash used in financing activities – discontinued operations | - | (64) | |||
Net cash provided by financing activities | 741,639 | 1,063 | |||
Effect of exchange rate changes | 3,589 | 2,656 | |||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 542,509 | (5,504) | |||
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 | 660,913 | 109,790 | |||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the | |||||
Sep 30, 2021 | Sep 30, 2020 | ||||
Cash and cash equivalents | 660,913 | 70,150 | |||
Restricted cash | - | 39,640 | |||
Total cash, cash equivalents, and restricted cash shown in the | 660,913 | 109,790 | |||
Daqo New Energy Corp. Reconciliation of non-GAAP financial measures to comparable US GAAP measures (US dollars in thousands) | ||||||||||
Three months Ended | Nine months Ended | |||||||||
Sep 30, | Jun 30, | Sep 30, | Sep 30, | Sep 30, | ||||||
Net income from continuing operation | 355,768 | 242,902 | 21,899 | 685,833 | 57,643 | |||||
Income tax expense | 62,137 | 43,083 | 6,193 | 119,707 | 14,574 | |||||
Interest expense | 6,419 | 7,224 | 5,438 | 21,468 | 18,378 | |||||
Interest income | (1,913) | (793) | (200) | (2,989) | (719) | |||||
Depreciation & Amortization | 19,391 | 19,322 | 18,289 | 57,626 | 51,568 | |||||
EBITDA from continuing operation (non-GAAP) | 441,802 | 311,738 | 51,619 | 881,645 | 141,444 | |||||
EBITDA margin from continuing operation (non-GAAP) | ||||||||||
Three months Ended | Nine months Ended | |||||||||
Sep 30, | Jun 30, | Sep 30, | Sep 30, | Sep 30, | ||||||
Net income attributable to Daqo New Energy Corp. |
292,329 |
232,100 |
20,757 |
607,648 |
56,370 | |||||
Share-based compensation | 2,359 | 2,358 | 4,478 | 7,718 | 13,430 | |||||
Adjusted net income (non-GAAP) attributable to Daqo |
294,688 |
234,458 |
25,235 |
615,366 |
69,800 | |||||
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.
FAQ
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