TAN - Why Polysilicon Company Daqo New Energy's Shares Are Diving Monday | Benzinga
Daqo New Energy Corp. (NYSE:DQ) shares are trading lower after the company missed first-quarter FY24 EPS and sales estimates.
Revenue of $415.3 million versus $709.8 million a year ago, missed the consensus of $491.9 million. Polysilicon average selling price (ASP) was $7.66/kg in first-quarter, vs. $7.97/kg in fourth-quarter of 2023.
Total production volume stood at 62,278 MT, which was above expectations and represented an increase of 1,264 MT versthe previous quarter. The company’s Inner Mongolia 5A facility contributed 46% of the total production volume for the first quarter.
Gross profit declined substantially to $72.1 million from $506.7 million a year ago, with margins contracting to 17.4% (vs 71.4% prior year).
The company’s average production cost declined by 2% Q/Q to $6.37/kg in the quarter. As ...