Daqo New Energy Corp. (NYSE:DQ) shares are trading lower after the company missed second-quarter EPS and sales estimates.
Revenue of $219.9 million, down from $636.7 million in the year-ago quarter, missed the consensus of $337.1 million. Adjusted loss per ADS of $1.50 missed the consensus loss of $0.56.
Polysilicon’s average selling price (ASP) was $5.12/kg in the second quarter, vs. $7.66/kg in the first quarter of 2024. The company’s average production cost declined by 3% Q/Q to $6.19/kg in the quarter.
Polysilicon production volume stood at 64,961 MT, which was above its expectations and represented an increase of 2,683 MT versus the previous quarter.
In the quarter, Daqo commenced production at its 100,000 MT Phase 5B polysilicon project in Inner Mongolia, contributing about 12% of the total production volume.
The company reported a gross loss of $159.2 million, compared to a gross profit of $258.9 million in the second quarter of 2023. The gross margin was negative 72.4% vs. ...
