Daqo New Energy Q1 Profit Surges

(RTTNews) - Daqo New Energy Corp. (DQ) Tuesday announced a surge in first quarter net income attributable to the company to $22.9 million from $8.3 million last year. On per ADS basis, earnings were $2.18, up from $0.80 a year ago. Adjusted earnings were $24.8 million or $2.36 per ADS.

On average, three analysts polled by Thomson Reuters expected the company to earn $1.62 per ADS.

Revenue for the quarter climbed to $83.8 million from $57.7 million in the previous year. The company has recorded a steady growth in gross margin to 42.8 percent from 29 percent a year ago. Wall Street's revenue forecast was $75.45 million.

Looking ahead to the second year, the company expects polysilicon production of 4800 to 5000 metric tones and sales of 4200 to 4500 metric tones. Wafer sales volume is projected to be 23.5 to 24 million pieces. Street projection for the second quarter is $1.39 per ADS on revenue of $69.95 million.