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Classified in: Oil industry, Environment, Science and technology, Business, Covid-19 virus
Subjects: ERN, CCA, ERP

Daqo New Energy Announces Unaudited Second Quarter 2020 Results


SHIHEZI, China, Aug. 18, 2020 /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 2020.

Second Quarter 2020 Financial and Operating Highlights

 


Three months ended

US$ millions

except as indicated otherwise

Jun 30,
2020

Mar 31,
2020

Jun 30,
2019

Revenues

133.5

168.8

66.0

Gross profit

22.7

56.6

8.6

Gross margin

17.0%

33.5%

13.0%

Income / (loss) from operations

10.8

45.8

(0.4)

Net income / (loss) attributable to Daqo New Energy
Corp. shareholders

2.4

33.2

(2.2)

Earnings / (loss) per basic ADS ($ per ADS)

0.17

2.37

(0.16)

Adjusted net income (non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders

6.9

37.7

2.3

Adjusted earnings per basic ADS (non-GAAP)(2)
($ per ADS)

0.49

2.69

0.17

EBITDA (non-GAAP)(2) from continuing operations

26.8

63.1

10.2

EBITDA margin (non-GAAP)(2) from continuing
operations

20.0%

37.4%

15.5%

Polysilicon sales volume (MT) 

18,881

19,101

7,130

Polysilicon average total production cost ($/kg)(1)

5.79

5.86

8.12

Polysilicon average cash cost (excl. dep'n) ($/kg)(1)

4.87

5.01

6.65

 

Notes:

(1)  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 indicated. Cash cost
is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense, divided by the production
volume in the period indicated.

(2)   Daqo New Energy provides EBITDA from continuing operations, EBITDA margin from continuing operations, adjusted net income
attributable to Daqo New Energy Corp. shareholders and adjusted earnings 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.

Management Remarks

Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "The second quarter of 2020 was a particularly challenging time for the polysilicon industry. Beginning in late March, the global spread of COVID-19 and related lockdowns, particularly in the U.S., Europe and certain emerging markets, resulted in significant disruptions to demand for solar PV products. End-market customers delayed module orders and shipments due to uncertainties about the duration and economic impact of the pandemic, as well as logistical challenges. This led to short-term market uncertainty and volatility across the entire solar PV industry during the second quarter. This abnormal market environment, with its sharp and sudden drop in demand, resulted in significant negative impact to polysilicon pricing for the quarter. Fortunately, the impact was temporary, and the market began to recover in May with orders and demand normalizing in June, supported by a strong end-market in China and abroad. We are pleased that despite such challenges faced by the industry during the period, Daqo New Energy was able to generate positive net income for the quarter, further demonstrating the strength and resilience of our business model and our proven low cost structure."

"Towards the end of the second quarter, we began to see very positive momentum in solar PV demand in both domestic and overseas markets, supported by further capacity expansions by downstream mono-wafer customers. This has translated into meaningful demand improvement for polysilicon, which has driven a significant increase in polysilicon ASPs recently. Current market ASPs for mono-grade polysilicon are approximately $11~$12/kg, a significant improvement from approximately $7.5/kg in the second quarter. We expect polysilicon supply to remain tight as the overall demand for PV solar continues to grow, supported by continued mono-wafer production capacity expansion and limited additional supply of polysilicon over the next 15 months."

"In the second quarter, we produced and sold 18,097 MT and 18,881 MT of polysilicon, respectively, exceeding our guidance. We conducted annual maintenance for our manufacturing facility in the second quarter. However, some technology upgrade projects, as well as equipment modification, have been re-scheduled to August due to the delayed delivery of some key equipment and long-lead time maintenance parts. This will have some impact on the third quarter production volume. As a result, we expect to produce approximately 17,500 MT to 18,000 MT of polysilicon during the third quarter. We expect to resume to 100% utilization rate in September after the completion of such projects. Our expected annual production volume for 2020 remains unchanged at 73,000 MT to 75,000 MT."

"During the quarter, we continued to make strong progress towards quality improvement and cost structure. Approximately 95% of our polysilicon production reached mono-grade quality during the quarter. At the same time, we continued to improve our cost structure, with further reductions in energy and material usage per unit of production. Despite the impact of annual maintenance during the quarter, we achieved a historically-low cash cost of $4.87/kg."

"We believe the solar PV market has entered a new phase of sustained growth as grid parity has been achieved in many countries and regions around the globe. Solar PV is one of the very few energy resources which are clean, sustainable and cost effective, even compared with traditional fossil fuel power generation methods. It is playing an increasingly important role in meeting the growing global energy demand and addressing critical environmental issues such as climate change and sustainable development. We will continue our commitment to provide high quality polysilicon products to better serve the fast-growing demand for solar PV energy."

Outlook and guidance

The Company expects to produce approximately 17,500 MT to 18,000 MT of polysilicon and sell approximately 17,000 MT to 17,500 MT of polysilicon to external customers during the third quarter of 2020. For the full year of 2020, the Company expects to produce approximately 73,000 MT to 75,000 MT of polysilicon, inclusive of the impact of the Company's annual facility maintenance.

This outlook reflects Daqo New Energy's current and preliminary view as of the date of this press release and may be subject to changes. The Company's ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.

Second Quarter 2020 Results

Revenues

Revenues were $133.5 million, compared to $168.8 million in the first quarter of 2020 and $66.0 million in the second quarter of 2019. The sequential decrease in revenues was primarily due to lower ASP combined with lower polysilicon sales volume.

Gross profit and margin

Gross profit was $22.7 million, compared to $56.6 million in the first quarter of 2020 and $8.6 million in the second quarter of 2019. Gross margin was 17.0%, compared to 33.5% in the first quarter of 2020 and 13.0% in the second quarter of 2019. The decrease in gross margin was primarily due to lower ASP despite the improvement in production costs.

Selling, general and administrative expenses

Selling, general and administrative expenses were $10.1 million, compared to $8.9 million in the first quarter of 2020 and $7.8 million in the second quarter of 2019. SG&A expenses during the quarter included $4.0 million in non-cash share-based compensation costs related to the Company's share incentive plan. 

Research and development expenses

Research and development (R&D) expenses were $2.0 million, compared to $1.7 million in the first quarter of 2020 and $1.5 million in the second quarter of 2019. Research and development expenses can vary from period to period and reflect R&D activities that take place during the quarter.

Income / loss from operations and operating margin

As a result of the foregoing, income from operations was $10.8 million, compared to $45.8 million in the first quarter of 2020 and loss from operations of $0.4 million in the second quarter of 2019. Operating margin was 8.1%, compared to 27.1% in the first quarter of 2020.

Interest expense

Interest expense was $6.7 million, compared to $6.3 million in the first quarter of 2020 and $1.9 million in the second quarter of 2019.

EBITDA (non-GAAP)

EBITDA (non-GAAP) from continuing operations was $26.8 million, compared to $63.1 million in the first quarter of 2020 and $10.2 million in the second quarter of 2019. EBITDA margin (non-GAAP) was 20.0%, compared to 37.4% in the first quarter of 2020 and 15.5% in the second quarter of 2019.

Net income / loss attributable to Daqo New Energy Corp. shareholders and earnings / loss per ADS

As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was $2.4 million in the second quarter of 2020, compared to net income attributable to Daqo New Energy Corp. shareholders of $33.2 million in the first quarter of 2020 and net loss attributable to Daqo New Energy Corp. shareholders of $2.2 million in the second quarter of 2019.

Earnings per basic ADS was $0.17 in the second quarter of 2020, compared to earnings per basic ADS of $2.37 in the first quarter of 2020, and loss per basic ADS of $0.16 in the second quarter of 2019.

Financial Condition

As of June 30, 2020, the Company had $115.8 million in cash and cash equivalents and restricted cash, compared to $120.8 million as of March 31, 2020 and $79.6 million as of June 30, 2019. As of June 30, 2020, the notes receivable balance was $8.2 million, compared to $4.4 million as of March 31, 2020 and $9.4 million as of June 30, 2019. As of June 30, 2020, total borrowings were $264.8 million, of which $116.9 million were long-term borrowings, compared to total borrowings of $265.6 million, including $149.0 million long-term borrowings, as of March 31, 2020 and total borrowings of $243.2 million, including $151.5 million long-term borrowings, as of June 30, 2019.

Cash Flows

For the six months ended June 30, 2020, net cash provided by operating activities was $47.0 million, compared to $67.8 million in the same period of 2019.

For the six months ended June 30, 2020, net cash used in investing activities was $60.4 million, compared to $144.9 million in the same period of 2019. The net cash used in investing activities in 2020 and 2019 was primarily related to the capital expenditures on Xinjiang Phase 3B and 4A polysilicon projects.

For the six months ended June 30, 2020, net cash provided by financing activities was $16.2 million, compared to $61.3 million in the same period of 2019.

Use of Non-GAAP Financial Measures

To supplement Daqo New Energy's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("US GAAP"), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.

The Company uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to the non-operational polysilicon assets in Chongqing. Such costs mainly consist of non-cash depreciation costs, as well as utilities and maintenance costs associated with the temporarily idle polysilicon machinery and equipment, and the Company had removed this adjustment from the non-GAAP reconciling item since the fourth quarter of 2018, because as of the end of the third quarter of 2018, all of the polysilicon machinery and equipment had been either relocated to Xinjiang, disposed, or planned to be disposed of in due course. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS also exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company's core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.

A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.

Conference Call

The Company has scheduled a conference call to discuss the results at 8:00 AM Eastern Time on August 18, 2020. (8:00 PM Beijing / Hong Kong time on the same day).

The dial-in details for the live conference call are as follows:

Participant dial in (toll free):

+1-888-346-8982

Participant international dial in:

+1-412-902-4272

China mainland toll free:

4001-201203

Hong Kong toll free:

800-905945

Hong Kong-local toll:

+852-301-84992

 

Participants please dial in 10 minutes before the call is scheduled to begin and ask to be joined into the Daqo New Energy Corp. call.





You can also listen to the conference call via Webcast through the URL:
https://services.choruscall.com/links/dq200818.html

A replay of the call will be available 1 hour after the end of the conference through August 25, 2020.

The conference call replay numbers are as follows:

US Toll Free:

+1-877-344-7529

International Toll:

+1-412-317-0088

Canada Toll Free:

855-669-9568

Replay access code:

10147211

To access the replay using an international dial-in number, please select the link below.
https://services.choruscall.com/ccforms/replay.html

Participants will be required to state their name and company upon entering the call.

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2008, the Company is one of the world's lowest cost producers of high-purity polysilicon. Daqo's highly-efficient and technically advanced manufacturing facility in Xinjiang, China currently has a nameplate annual polysilicon production capacity of 70,000 metric tons.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the third quarter and the full year of 2020 and quotations from management in this announcement, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company's ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company's ability to lower its production costs; and the duration of COVID-19 outbreaks in China and many other countries and the impact of the outbreaks and the quarantines and travel restrictions instituted by relevant governments on economic and market conditions, including potentially weaker global demand for solar PV installations that could adversely affect the Company's business and financial performance. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

 

 

Daqo New Energy Corp.

Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income

(US dollars in thousands, except ADS and per ADS data)




Three months ended

Six months ended



Jun 30,
2020


Mar 31,
2020


Jun 30,
2019


Jun 30,
2020


Jun 30,
2019












Revenues            


$133,518


$168,831


$65,959


$302,349


$147,163

Cost of revenues


(110,820)


(112,277)


(57,390)


(223,097)


(120,253)

Gross profit


22,698


56,554


8,569


79,252


26,910

Operating expenses











Selling, general and administrative 
  expenses


 

(10,120)


 

(8,892)


 

(7,806)


 

(19,012)


 

(15,742)

Research and development expenses


(1,958)


(1,654)


(1,527)


(3,612)


(2,824)

Other operating income / (expense)


133


(215)


365


(82)


434

Total operating expenses


(11,945)


(10,761)


(8,968)


(22,706)


(18,132)

Income / (loss) from operations


10,753


45,793


(399)


56,546


8,778

Interest expense


(6,653)


(6,287)


(1,889)


(12,940)


(3,910)

Interest income


368


151


258


519


582

Foreign exchange loss


-


-


(1)


-


(189)

Income / (loss) before income taxes


4,468


39,657


(2,031)


44,125


5,261

Income tax expense


(2,037)


(6,344)


(662)


(8,381)


(2,091)

Net income / (loss) from continuing
operations


 

2,431


 

33,313


 

(2,693)


 

35,744


 

3,170

(Loss) / income from discontinued
operations, net of tax


 

(55)


 

(86)


 

504


 

(141)


 

1,282

Net income / (loss)


2,376


33,227


(2,189)


35,603


4,452

Net loss attributable to non-controlling
  interest


 

(7)


 

(3)


 

-


 

(10)


 

-

Net income / (loss) attributable to Daqo
  New Energy Corp. shareholders


$2,383


$33,230


$(2,189)


$35,613


$4,452












Net income / (loss)


2,376


33,227


(2,189)


35,603


4,452

Other comprehensive income/ (loss):











Foreign currency translation adjustments


1,213


(9,819)


(12,271)


(8,606)


744

Total other comprehensive income / (loss)


1,213


(9,819)


(12,271)


 

(8,606)


 

744

Comprehensive income / (loss)


3,589


23,408


(14,460)


26,997


5,196

Comprehensive loss attributable to non-
  controlling interest


(6)


(9)


-


 

(15)


 

-

Comprehensive income / (loss)
  attributable to Daqo New Energy Corp.
  shareholders


 

 

$ 3,595


 

 

$23,417


 

 

$(14,460)


 

 

$27,012


 

 

$5,196












 Earnings / (loss) per ADS











- continuing operations


0.17


2.38


(0.20)


2.55


0.23

- discontinued operations


-


(0.01)


0.04


(0.01)


0.10

 Basic


0.17


2.37


(0.16)


2.54


0.33












- continuing operations


0.16


2.28


(0.20)


2.44


0.23

- discontinued operations


-


(0.01)


0.04


(0.01)


0.09

 Diluted


0.16


2.27


(0.16)


2.43


0.32

 

Weighted average ADS outstanding











Basic


14,109,241


13,991,847


13,492,010


14,042,495


13,426,612

Diluted


14,682,134


14,669,820


13,936,671


14,664,055


13,846,728

 

 

Daqo New Energy Corp.

Unaudited Consolidated Balance Sheets

(US dollars in thousands)




Jun 30, 2020


Mar 31, 2020


Jun 30, 2019










ASSETS:








Current Assets:








Cash and cash equivalents


$88,215


$63,168


$31,250


Restricted cash


27,551


57,639


48,375


Accounts receivable, net


65


213


86


Notes receivable


8,163


4,402


9,435


Prepaid expenses and other current assets


13,476


13,249


13,765


Advances to suppliers


6,712


8,962


8,688


Inventories, net


26,824


33,234


19,871


Amount due from related parties


12


-


4,572


Current assets associated with discontinued
  operation


 

667


 

664


 

1,133


Total current assets


171,685


181,531


137,175


Property, plant and equipment, net


956,675


968,418


763,388


Prepaid land use right


28,826


28,936


22,029


Deferred tax assets


1,332


1,330


823


Investment in affiliate


633


631


651


Operating lease Right-of-use assets


153


173


158


Non-current asset associated with discontinued
operation


 

181


 

197


 

55,175


TOTAL ASSETS


1,159,485


1,181,216


979,399










Current liabilities:








Short-term borrowings, including current portion of
  long-term borrowings


 

147,839


 

116,602


 

91,760


Accounts payable


18,833


17,716


11,106


Notes payable


49,143


89,614


73,135


Advances from customers-short term portion


23,500


11,640


25,654


Payables for purchases of property, plant and
  equipment


 

97,239


 

106,208


 

25,213


Accrued expenses and other current liabilities


18,262


11,284


9,340


Amount due to related parties


8,169


43,363


683


Income tax payable


4,414


10,975


1,975


Lease liabilities - short term portion


74


85


115


Current liabilities associated with discontinued
operation


 

877


 

1,164


 

6,879


Total current liabilities


368,350


408,651


245,860


Long-term borrowings


116,911


149,018


151,475


Advance from customers ? long term portion


1,132


1,624


3,496


Amount due to related parties - long term portion


16,247


-


16,022


Other long-term liabilities


20,067


20,536


21,213


Deferred tax liabilities


5,459


6,271


1,159


Lease liabilities ? long term portion


-


77


58


Non-current liabilities associated with discontinued
operation


 

-


 

-


 

702


TOTAL LIABILITIES


528,166


586,177


439,985


 

EQUITY:








Ordinary shares


36


35


34


Treasury stock


(1,749)


(1,749)


(1,749)


Additional paid-in capital


396,445


391,843


377,767


Accumulated gains


236,535


234,152


175,851


Accumulated other comprehensive loss


(28,538)


(29,750)


(12,489)


Total Daqo New Energy Corp.'s shareholders' equity


602,729


594,531


539,414


Non-controlling interest


28,590


508


-


Total equity


631,319


595,039


539,414


TOTAL LIABILITIES & EQUITY


1,159,485


1,181,216


979,399


 

 

Daqo New Energy Corp.

Unaudited Consolidated Statements of Cash Flows

(US dollars in thousands)



For the six months ended June 30,



2020


2019


Operating Activities:






Net income


$ 35,603


$4,452


Less: (loss) / income from discontinued operations, net of tax


(141)


1,282


Net income from continuing operations


35,744


3,170


Adjustments to reconcile net income to net cash provided by
operating activities


 

44,865


 

30,418


   Changes in operating assets and liabilities


(33,599)


32,229


Net cash provided by operating activities-continuing operations


47,010


65,817


Net cash (used in) / provided by operation activities-discontinued
operations


(50)


1,992


Net cash provided by operating activities


46,960


67,809








Investing activities:






Net cash used in investing activities-continuing operations


(60,195)


(146,547)


Net cash (used in) / provided by investing activities-discontinuing
operations


 

(195)


 

1,647


Net cash used in investing activities


(60,390)


(144,873)








Financing activities:
       
Cash received from minority investors
       
Cash (used in) / received from other financing activities


 

   28,088
 (11,796)


 

            -

   72,263


Net cash provided by financing activities ? continuing operations


16,292


72,263


Net cash used in financing activities ? discontinued operations


(64)


(10,971)


Net cash provided by financing activities


16,228


61,292








Non-cash transactions






Effect of exchange rate changes


(1,667)


357


Net increase / (decrease) in cash, cash equivalents and restricted cash


1,131


(15,415)


Cash, cash equivalents and restricted cash at the beginning of the period


115,294


95,120


Cash, cash equivalents and restricted cash at the end of the period


116,425


79,705


The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.



Jun 30, 2020


Jun 30, 2019

Cash and cash equivalents


88,874


31,330

Restricted cash


27,551


48,375

Total cash, cash equivalents, and restricted cash shown in the
statement of cash flows


116,425


79,705

 

 

Daqo New Energy Corp.

Reconciliation of non-GAAP financial measures to comparable US GAAP measures

(US dollars in thousands)



Three months Ended

Six months Ended



Jun 30,
2020


Mar 31,
2020


Jun 30,
2019


Jun 30,
2020


Jun 30,
2019

Net income / (loss) from continuing operation


2,431


33,313


(2,693)


35,744


3,170

Income tax expense


2,037


6,344


662


8,381


2,091

Interest expense


6,653


6,287


1,889


12,940


3,910

Interest income


(368)


(151)


(258)


(519)


(582)

Depreciation & Amortization


16,004


17,275


10,637


33,279


21,647

EBITDA from continuing operation (non-GAAP)


26,757


63,068


10,237


89,825


30,236

EBITDA margin from continuing operation (non-GAAP)


20.0%


37.4%


15.5%


29.7%


20.5%

 


Three months Ended

Six months Ended



Jun 30,
2020


Mar 31,
2020


Jun 30,
2019


Jun 30,
2020


Jun 30,
2019

Net income / (loss) attributable to Daqo New Energy Corp.
     shareholders


 

2,383


 

33,230


 

(2,189)


 

35,613


 

4,452

Share-based compensation


4,491


4,461


4,486


8,952


8,960

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


6,874


37,691


2,297


44,565


13,412

Adjusted earnings per basic ADS (non-GAAP)


$0.49


$2.69


$0.17


$3.17


$1.00

Adjusted earnings per diluted ADS (non-GAAP)


$0.47


$2.57


$0.16


$3.04


$0.97

 For further information, please contact:

Daqo New Energy Corp.
Investor Relations Department
Phone: +86-187-1658-5553
Email: dqir@daqo.com

Christensen

In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
E-mail: rvanguestaine@christensenir.com

In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com 

For more information, please visit www.dqsolar.com

SOURCE Daqo New Energy Corp.


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