Daqo New Energy Corp (NYSE: DQ) shares are trading higher after the company reported Q3 FY23 results.
DQ reported revenue of $484.8 million vs. $1.219 billion a year ago, missing the consensus of $672.30 million.
Polysilicon average selling price (ASP) was $7.68/kg in Q3 2023, compared to $12.33/kg in Q2 2023. The company attributed the sequential revenue decrease primarily to the decline in ASP mitigated by increased sales volume.
Gross profit declined substantially to $67.8 million from $978.6 million a year ago, with margins contracting to 14.0% (vs 80.2% prior year).
Total production volume stood at 57,664 MT, up 27% Q/Q, on continued optimization of operations at its two polysilicon facilities.
DQ shipped 62,967 MT of polysilicon in Q3, significantly higher ...