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Dienstag, 08.08.2017 12:20 von PR Newswire | Aufrufe: 156

Daqo New Energy Announces Unaudited Second Quarter 2017 Results

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PR Newswire

CHONGQING, China, Aug. 8, 2017

CHONGQING, China, Aug. 8, 2017 /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 second quarter of 2017.

Second Quarter 2017 Financial and Operating Highlights

Record-high polysilicon production volume of 4,993 MT in Q2 2017, increased from 4,927 MT in Q1 2017
Record-high polysilicon external sales volume⁽¹⁾ of 4,497 MT in Q2 2017, increased from 4,223 MT in Q1 2017
Polysilicon average total production cost⁽²⁾ of $8.53/kg in Q2 2017, compared to $8.41/kg in Q1 2017
Polysilicon average cash cost⁽²⁾ of $6.77/kg in Q2 2017, compared to $6.68/kg in Q1 2017
Average selling price (ASP) of polysilicon was $13.58/kg in Q2 2017, compared to $16.66/kg in Q1 2017
Solar wafer sales volume of 27.0 million pieces in Q2 2017, increased from 22.4 million pieces in Q1 2017
Revenue of $76.0 million in Q2 2017, compared to $83.8 million in Q1 2017
Gross profit of $24.2 million in Q2 2017, compared to $35.9 million in Q1 2017
Gross margin of 31.9% in Q2 2017, compared to 42.8% in Q1 2017
Non-GAAP gross margin⁽³⁾ of 32.6% in Q2 2017, compared to 44.0% in Q1 2017
EBITDA (non-GAAP)⁽³⁾ of $29.8 million in Q2 2017, compared to $41.7 million in Q1 2017
EBITDA margin (non-GAAP)⁽³⁾ of 39.2% in Q2 2017, compared to 49.8% in Q1 2017
Net income attributable to Daqo New Energy shareholders of $12.1 million in Q2 2017, compared to $22.9 million in Q1 2017 and $19.8 million in Q2 2016
Earnings per basic ADS of $1.15 in Q2 2017, compared to $2.18 in Q1 2017 and $1.90 in Q2 2016
Adjusted net income (non-GAAP)⁽³⁾ attributable to Daqo New Energy shareholders of $13.8 million in Q2 2017, compared to $24.8 million in Q1 2017 and $22.0 million in Q2 2016
Adjusted earnings per basic ADS (non-GAAP)⁽³⁾ of $1.31 in Q2 2017, compared to $2.36 in Q1 2017 and $2.10 in Q2 2016

Three months ended

US$ millions

June 30,

March 31,

June 30,

ARIVA.DE Börsen-Geflüster

Kurse

Daqo New Energy Corp.

23,56 $

0,00%

except as indicated otherwise

2017

2016

Revenues

76.0

83.8

71.0

Gross profit

24.2

35.9

29.4

Gross margin

31.9%

42.8%

41.4%

Operating income

20.2

32.2

26.1

Net income attributable to
Daqo New Energy Corp. shareholders

12.1

22.9

19.8

Earnings per basic ADS ($ per ADS)

1.15

2.18

1.90

Adjusted net income (non-GAAP)⁽³⁾
attributable to Daqo New Energy Corp.
shareholders

13.8

24.8

22.0

Adjusted earnings per basic ADS
(non-GAAP)⁽³⁾ ($ per ADS)

1.31

2.36

2.10

Non-GAAP gross profit⁽³⁾

24.8

36.9

31.2

Non-GAAP gross margin⁽³⁾

32.6%

44.0%

43.9%

EBITDA (non-GAAP)⁽³⁾

29.8

41.7

34.7

EBITDA margin⁽³⁾ (non-GAAP)

39.2%

49.8%

48.9%

Polysilicon sales volume (MT) ⁽¹⁾

4,497

4,223

2,931

Polysilicon production cost ($/kg)⁽²⁾

8.53

8.41

9.43

Polysilicon cash cost (excl. dep'n) ($/kg)⁽²⁾

6.77

6.68

7.42

Notes:

(1) Our polysilicon external sales volume excludes internal sales to our Chongqing wafer manufacturing subsidiary, which utilizes polysilicon as raw material for the production of solar wafers. The sales volume is the quantity of goods that have been received by customers, and thus the corresponding revenue has been recognized during the period indicated.

(2) Production cost and cash cost only refer to production in our Xinjiang 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 indicted. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense in Xinjiang, divided by the production volume in the period indicated.

(3) Daqo New Energy provides non-GAAP gross profit, non-GAAP gross margin, EBITDA, EBITDA margin, adjusted net income (loss) attributable to Daqo New Energy Corp. shareholders and adjusted earnings (loss) per 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.

Commentary

"We are pleased to report that the second quarter of 2017 was a solid quarter with new records on both polysilicon production volume and external sales volume. During the quarter, we produced 4,993 MT of polysilicon and sold 4,497 MT to external customers. We also conducted various experiments to improve polysilicon quality, particularly for the mono-crystalline grade polysilicon, which had a slight impact to overall production cost and volume. However, we are seeing meaningful quality improvements. Production volume as well as shipment of mono-crystalline quality polysilicon hit a record high in June," said Dr. Gongda Yao, Chief Executive Officer of Daqo New Energy.

"Due to downstream customer inventory management at the end of the first quarter, ASP fell in April, but ASP started to recover in May. Demand and pricing improved throughout the second quarter, with the ASP in June approximately 15% higher than that in April. So far in the third quarter, customer demand has remained robust with pricing continuing to improve."

"In terms of the PV end market, China installed 24.4 GW of solar PV in the first half of 2017, representing a new record high and a 9% increase from the first half of 2016. For the full year of 2017, China's annual PV installation forecast is currently expected to exceed 35GW. Based on discussions with our customers, we believe that China's PV market demand continues to be strong, driven by top-runner projects as well as distributed generation. Globally, the U.S. and Indian markets are also seeing strong PV product demand. Starting in late July, we have seen a fairly significant shortage of polysilicon in the China market and continued improvements in polysilicon pricing. With a much stronger than expected solar PV installations in China, the annual total global solar installation in 2017 is likely to exceed 80 GW for the first time ever. "

"During the second quarter of 2017, the company generated $12.1 million in net income attributable to Daqo New Energy shareholders and $29.8 million in EBITDA with an EBITDA margin of 39.2%. In particular, our operating cash flow remains strong. In the first half of 2017, we generated $73.6 million in net cash provided by operating activities."

"Going forward, we will continue our efforts to improve quality throughout the year. With our high product quality and stable supply capabilities, we continue to be a supplier of choice with strong demand for our high quality polysilicon from our diverse customer base."

Outlook and Q3 2017 guidance

The Company's annual maintenance for the Xinjiang polysilicon facility is scheduled for late September and October. The annual maintenance is anticipated to impact production volume by approximately two weeks. As a result, the Company expects to produce 4,200 MT to 4,500 MT of polysilicon and sell approximately 3,700 MT to 4,000 MT to external customers during the third quarter of 2017. The above external sales guidance excludes shipments of polysilicon to be used internally by our Chongqing solar wafer facility, which utilizes polysilicon for its wafer manufacturing operation. Wafer sales volume is expected to be approximately 25.0 million to 25.5 million pieces in the third quarter of 2017.

This outlook reflects our current and preliminary view as of the date of this press release and may be subject to change. Our ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.

Second Quarter 2017 Results

Revenues

Revenues were $76.0 million, compared to $83.8 million in the first quarter of 2017 and $71.0 million in the second quarter of 2016.

Revenues from polysilicon sales to external customers were $61.1 million, compared to $70.4 million in the first quarter of 2017 and $50.5 million in the second quarter of 2016. External polysilicon sales volume was 4,497 MT, increased from 4,223 MT in the first quarter of 2017 and 2,931 MT in the second quarter of 2016. The average selling price (ASP) of polysilicon was $13.58/kg in the second quarter of 2017, compared to $16.66/kg in the first quarter of 2017. The decrease in polysilicon revenues as compared to the first quarter of 2017 was primarily due to lower ASPs, partially offset by higher polysilicon sales volume.

Revenues from wafer sales were $14.9 million, compared to $13.4 million in the first quarter of 2017 and $20.5 million in the second quarter of 2016. Wafer sales volume was 27.0 million pieces, compared to 22.4 million pieces in the first quarter of 2017 and 25.0 million pieces in the second quarter of 2016.

Gross profit and margin

Gross profit was approximately $24.2 million, compared to $35.9 million in the first quarter of 2017 and $29.4 million in the second quarter of 2016. Non-GAAP gross profit, which excludes costs related to the non-operational polysilicon assets in Chongqing, was approximately $24.8 million, compared to $36.9 million in the first quarter of 2017 and $31.2 million in the second quarter of 2016.

Gross margin was 31.9%, compared to 42.8% in the first quarter of 2017 and 41.4% in the second quarter of 2016.

In the second quarter of 2017, total costs related to the non-operational Chongqing polysilicon assets including depreciation were $0.5 million, decreased from $1.0 million in the first quarter of 2017 and $1.8 million in the second quarter of 2016. Excluding costs related to the non-operational Chongqing polysilicon assets, the non-GAAP gross margin was approximately 32.6%, compared to 44.0% in the first quarter of 2017 and 43.9% in the second quarter of 2016.

Selling, general and administrative expenses

Selling, general and administrative expenses were $4.5 million, compared to $4.1 million in the first quarter of 2017 and $3.7 million in the second quarter of 2016.

Research and development expenses

Research and development expenses were approximately $0.3 million, compared to $0.4 million in the first quarter of 2017 and $0.1 million in the second quarter of 2016. The research and development expenses vary from period to period reflecting the R&D activities that occur in such period.

Other operating income

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