Daqo New Energy Q2 Net Leaps On Strong Revenue Growth; Raises Full Year Guidance

(RTTNews) - Daqo New Energy Corp. (DQ), a manufacturer of high-purity polysilicon for the global solar PV industry, on Wednesday announced its unaudited financial results for the second quarter of 2022 that revealed a big jump in earnings and revenues. Revenue surpassed the Street view.

Net income attributable to Daqo New Energy Corp shareholders was $627.8 million or $8.36 per ADS as compared to $232.1 million or $3.15 per ADS in the second quarter of the previous financial year.

EBITDA for the period was $955.4 million as compared to $311.7 million in the corresponding period of the previous financial year.

Revenue for the period was $1.24 billion as compared to $441 million in the second quarter of 2021.

3 analysts polled by Thomson-Reuters were expecting the company to report revenues of $1.15 billion during the quarter.

Polysilicon sales volume increased to 37,545 MT, compared to 21,060 MT in the second quarter of 2021.

With the better-than-expected operational performance in the first half of 2022, the company has increased its guidance on annual production volume to 129,000 - 132,000MT for the full year 2022, versus the previous guidance of 120,000-125,000MT.

Shares of Daqo New Energy Corp are currently trading in pre-market at $63.80, up $2.14 or 3.47 percent from the previous close.