Daqo New Energy reports Q1 adjusted EPS 55c, consensus 56c

Reports Q1 revenue $415.31M, consensus $491.9M. Xiang Xu, CEO of Daqo New Energy, commented, “During the first quarter, we continued to optimize our manufacturing operations and made improvements in both yield and throughput at our two polysilicon facilities. Total production volume for the quarter was 62,278 MT, which was above our expectations and represented an increase of 1,264 MT compared to the previous quarter. Our Inner Mongolia 5A facility contributed 46% of our total production volume for the first quarter. Through achievements in R&D and significant purity improvements at both facilities, we further increased our N-type product mix from 60% in December last year to 72% in March. Compared to the end of last year, our production cost trended down over the quarter, decreasing further by 2% from Q4 2023 to an average of $6.37/kg in Q1 2024. For the quarter, we generated $77 million in EBITDA. By the end of 1Q 2024, the Company maintained a strong cash balance of $2.7 billion and a combined cash and bank note receivable balance of $2.9 billion.”