Daqo New Energy Announces Unaudited First Quarter 2020 Results
SHIHEZI, China, May 20, 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 first quarter of 2020.
First Quarter 2020 Financial and Operating Highlights
-- Polysilicon production volume was 19,777 MT in Q1 2020, compared to 16,204 MT in Q4 2019 -- Polysilicon sales volume was 19,101 MT in Q1 2020, compared to 13,291 MT in Q4 2019 -- Polysilicon average total production cost((1)) was $5.86/kg in Q1 2020, compared to $6.38/kg in Q4 2019 -- Polysilicon average cash cost((1)) was $5.01/kg in Q1 2020, compared to $5.47/kg in Q4 2019 -- Polysilicon average selling price (ASP) was $8.79/kg in Q1 2020, compared to $8.77/kg in Q4 2019 -- Revenue from continuing operations was $168.8 million in Q1 2020, compared to $118.9 million in Q4 2019 -- Gross profit from continuing operations was $56.6 million in Q1 2020, compared to $35.1 million in Q4 2019. Gross margin from continuing operations was 33.5% in Q1 2020, compared to 29.5% in Q4 2019 -- EBITDA (non-GAAP)((2)) from continuing operations was $63.1 million in Q1 2020, compared to $45.4 million in Q4 2019. EBITDA margin (non-GAAP)((2)) from continuing operations was 37.4% in Q1 2020, compared to 38.2% in Q4 2019 -- Net income attributable to Daqo New Energy Corp. shareholders was $33.2 million in Q1 2020, compared to $20.1 million in Q4 2019 -- Earnings per basic American Depositary Share (ADS) was $2.37 in Q1 2020, compared to $1.45 in Q4 2019 -- Adjusted net income (non-GAAP)((2)) attributable to Daqo New Energy Corp. shareholders was $37.7 million in Q1 2020, compared to $24.5 million in Q4 2019 -- Adjusted earnings per basic ADS (non-GAAP)((2)) was $2.69 in Q1 2020, compared to $1.77 in Q4 2019
Three months ended US$ millions Mar 31, Dec 31, Mar 31, 2020 2019 2019 except as indicated otherwise --- Revenues 168.8 118.9 81.2 --- Gross profit 56.6 35.1 18.3 --- Gross margin 33.5% 29.5% 22.6% --- Operating income 45.8 30.1 9.1 --- Net income attributable to Daqo New Energy Corp. 33.2 20.1 6.6 shareholders --- Earnings per basic ADS ($ per ADS) 2.37 1.45 0.50 --- Adjusted net income (non-GAAP)(2) attributable to 37.7 24.5 11.1 Daqo New Energy Corp. shareholders --- Adjusted earnings per basic ADS (non-GAAP)(2) 2.69 1.77 0.83 ($ per ADS) --- EBITDA (non-GAAP)(2) from continuing operations 63.1 45.4 19.9 --- EBITDA margin (non-GAAP)(2) from continuing 37.4% 38.2% 24.5% operations --- Polysilicon sales volume (MT) 19,101 13,291 8,450 --- Polysilicon average total production cost ($/kg)(1) 5.86 6.38 7.42 --- Polysilicon average cash cost (excl. dep'n) ($/kg)(1) 5.01 5.47 6.20 ---
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, "We are pleased to report an outstanding quarter with excellent financial and operational results. We operated at full capacity during the quarter and were able to produce and sell record-high volume of 19,777 MT and 19,101 MT of polysilicon, respectively. Thanks to growing economies of scale, savings on energy consumption and improved operational efficiency, our total production cost decreased to $5.86/kg during the quarter, a decrease of 8% from $6.38/kg in Q4 2019. Our cash cost during the quarter also decreased to $5.01/kg, down from $5.47/kg in Q4 2019. In addition, we continued to make improvements in quality and were able to sell approximately 95% of our products to mono wafer customers. All in all, we are very proud of the achievements we made in expanding production volume, optimizing our cost structure and enhancing quality within only two quarters following the start of Phase 4A pilot production. Our exceptional results this quarter reflect the strong capabilities of our Xinjiang facilities at full production following the completion of the Phase 4A expansion project. We believe this also demonstrates our extensive experience and expertise in polysilicon manufacturing, and further solidifies our position as a global leader in the industry."
"Despite the challenging market environment, we successfully expanded our gross margin by further optimizing our cost structure during the quarter. Gross margin during the quarter was 33.5% compared with 29.5% in the fourth quarter of 2019. An expanding gross margin and increasing sales volume resulted in $63.1 million in EBITDA, up 39% sequentially, and $37.7 million in adjusted net income, up 53.5% sequentially. I would like to thank our entire team for their contribution to this quarter's strong results given all the difficulties in securing raw materials, managing on-site operations, and facilitating logistics during lockdown that followed the outbreak of COVID-19 in China."
"Towards the end of the first quarter, the spread of COVID-19 globally and related lockdowns, particularly in the U.S., Europe and certain other emerging markets, resulted in significant disruptions to demand for solar PV products. This has created short-term market uncertainty and volatility across the solar PV industry during the second quarter. Fortunately, the spread of COVID-19 has begun to ease and things are gradually returning to normal across all walks of life, particularly in China. We expect to see some rush orders from solar PV developers in China for legacy projects delayed from last year in order to meet the grid connection deadline set for the end of June. However, a recovery of demand from markets outside of China is critical going forward as overseas markets currently account for approximately 75% of total global solar end market demand. With many economies beginning to reopen, we expect to see a gradual recovery of solar PV demand in the third quarter. We are confident that the long-term solar PV growth prospects remain intact despite the near-term challenging market environment as solar PV energy continues to attract investors seeking to benefit from lower costs and interest rates."
"We are currently conducting scheduled annual maintenance for our Xinjiang facilities. As such, we expect to produce 15,500 to 16,500 MT of polysilicon during the second quarter. Annual production volume for 2020 is expected to be 73,000 to 75,000 MT. We expect to see global solar markets recover as the impact from COVID-19 fades over the next two or three months. We are confident in our ability to navigate this challenging environment leveraging our competitive advantages in product quality and cost structure."
Outlook and guidance
The Company expects to produce approximately 15,500MT to 16,500MT of polysilicon and sell approximately 14,500MT to 15,500MT of polysilicon to external customers during the second quarter of 2020. For the full year of 2020, the Company expects to produce approximately 73,000 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.
First Quarter 2020 Results
Revenues
Revenues were $168.8 million, compared to $118.9 million in the fourth quarter of 2019 and $81.2 million in the first quarter of 2019. The increase in revenues was primarily due to higher polysilicon sales volume.
Gross profit and margin
Gross profit was $56.6 million, compared to $35.1 million in the fourth quarter of 2019 and $18.3 million in the first quarter of 2019. Gross margin was 33.5%, compared to 29.5% in the fourth quarter of 2019 and 22.6% in the first quarter of 2019. The increase in gross margin was primarily due to lower production costs.
Selling, general and administrative expenses
Selling, general and administrative expenses were $8.9 million, compared to $8.5 million in the fourth quarter of 2019 and $7.9 million in the first 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 $1.7 million, compared to $1.7 million in the fourth quarter of 2019 and $1.3 million in the first 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 from operations and operating margin
As a result of the foregoing, income from operations was $45.8 million, compared to $30.1 million in the fourth quarter of 2019 and $9.1 million in the first quarter of 2019.Operating margin was 27.1%, compared to 25.3% in the fourth quarter of 2019 and 11.3% in the first quarter of 2019.
Interest expense
Interest expense was $6.3 million, compared to $3.9 million in the fourth quarter of 2019 and $2.0 million in the first quarter of 2019.
EBITDA (non-GAAP)
EBITDA (non-GAAP) from continuing operations was $63.1 million, compared to $45.4 million in the fourth quarter of 2019 and $19.9 million in the first quarter of 2019. EBITDA margin (non-GAAP) was 37.4%, compared to 38.2% in the fourth quarter of 2019 and 24.5% in the first quarter of 2019.
Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS
As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was $33.2 million in the first quarter of 2020, compared to $20.1 million in the fourth quarter of 2019 and $6.6 million in the first quarter of 2019.
Earnings per basic ADS was $2.37 in the first quarter of 2020, compared to $1.45 in the fourth quarter of 2019, and $0.50 in the first quarter of 2019.
Financial Condition
As of March 31, 2020, the Company had $120.8 million in cash and cash equivalents and restricted cash, compared to $114.4 million as of December 31, 2019 and $113.7 million as of March 31, 2019. As of March 31, 2020, the notes receivable balance was $4.4 million, compared to $5.6 million as of December 31, 2019 and $0.7 million as of March 31, 2019. As of March 31, 2020, total borrowings were $265.6 million, of which $149.0 million were long-term borrowings, compared to total borrowings of $280.1 million, including $151.5 million long-term borrowings, as of December 31, 2019 and total borrowings of $193.0 million, including $149.7 million long-term borrowings, as of March 31, 2019.
Cash Flows
For the three months ended March 31, 2020, net cash provided by operating activities was $31.1 million, compared to $48.5 million in the same period of 2019.
For the three months ended March 31, 2020, net cash used in investing activities was $12.9 million, compared to $38.6 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 three months ended March 31, 2020, net cash used in financing activities was $10.0 million, compared to net cash provided by financing activities of $7.2 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 May 20, 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/dq200520.html
A replay of the call will be available 1 hour after the end of the conference through May 27, 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: 10144142
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 second 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 Mar 31, Dec 31, Mar 31, 2020 2019 2019 Revenues $168,831 $118,918 $81,204 Cost of revenues (112,277) (83,800) (62,863) Gross profit 56,554 35,118 18,341 Operating expenses Selling, general and administrative expenses (8,892) (8,537) (7,935) Research and development expenses (1,654) (1,656) (1,297) Other operating income (215) 5,164 3 Total operating expenses (10,761) (5,029) (9,229) Income from operations 45,793 30,089 9,112 Interest expense (6,287) (3,936) (2,021) Interest income 151 208 324 Foreign exchange gain / (loss) 4 (189) Income before income taxes 39,657 26,365 7,226 Income tax expense (6,344) (5,972) (1,429) Net income from continuing operations 33,313 20,393 5,797 Net (loss) / income from discontinued operations (86) (306) 845 Net income 33,227 20,087 6,642 Net (loss) / income attributable to non-controlling interest (3) (1) Net income attributable to Daqo New Energy Corp. $33,230 $20,088 $6,642 shareholders Net income 33,227 20,087 6,642 Other comprehensive income: Foreign currency translation adjustments (9,819) 13,892 13,014 Total other comprehensive (loss) / income / (9,819) 13,892 13,014 Comprehensive income 23,408 33,979 19,656 Comprehensive income attributable to non-controlling (9) 2 interest Comprehensive income attributable to Daqo New Energy Corp. shareholders $23,417 $33,977 $19,656 Earnings / (Loss) per ADS -Continuing operations 2.38 1.47 0.44 -Discontinued operations (0.01) (0.02) 0.06 Basic 2.37 1.45 0.50 -Continuing operations 2.28 1.43 0.42 -Discontinued operations (0.01) (0.02) 0.06 Diluted 2.27 1.41 0.48 Weighted average ADS outstanding Basic 13,991,847 13,837,250 13,360,729 Diluted 14,669,820 14,274,977 13,749,959
Daqo New Energy Corp. Unaudited Consolidated Balance Sheets (US dollars in thousands) Mar 31, 2020 Dec 31, 2019 Mar 31, 2019 ASSETS: Current Assets: Cash and cash equivalents $63,168 $51,840 $65,111 Restricted cash 57,639 62,609 48,560 Accounts receivable, net 213 13 2,204 Notes receivable 4,402 5,644 714 Prepaid expenses and other current assets 13,249 15,344 9,717 Advances to suppliers 8,962 1,544 2,846 Inventories, net 33,234 36,391 18,882 Amount due from related parties 17 4,179 Current assets associated with discontinued operation 664 926 2,748 Total current assets 181,531 174,328 154,961 Property, plant and equipment, net 968,418 995,027 691,491 Prepaid land use right 28,936 29,593 24,375 Deferred tax assets 1,330 1,352 842 Investment in affiliate 631 642 666 Operating lease Right-of-use assets 173 197 Non-current asset associated with discontinued operation 197 217 51,727 TOTAL ASSETS 1,181,216 1,201,356 924,062 Current liabilities: Short-term borrowings, including current portion of long-term borrowings 116,602 128,612 43,210 Accounts payable 17,716 12,713 9,926 Notes payable 89,614 101,171 66,322 Advances from customers-short term portion 11,640 33,028 9,658 Payables for purchases of property, plant and equipment 106,208 112,538 25,085 Accrued expenses and other current liabilities 11,284 12,222 9,330 Amount due to related parties 43,363 38,825 2,143 Income tax payable 10,975 4,789 6,293 Lease liabilities - short term portion 85 85 Current liabilities associated with discontinued operation 1,164 1,165 7,591 Total current liabilities 408,651 445,148 179,558 Long-term borrowings 149,018 151,518 149,744 Advance from customers - long term portion 1,624 2,154 5,364 Amount due to related parties - long term portion 7,899 16,390 Other long-term liabilities 20,536 21,034 21,848 Deferred tax liabilities 6,271 6,368 1,174 Lease liabilities - long term portion 77 77 Non-current liabilities associated with discontinued operation 721 TOTAL LIABILITIES 586,177 634,198 374,799 EQUITY: Ordinary shares 35 35 34 Treasury stock (1,749) (1,749) (1,749) Additional paid-in capital 391,843 387,371 373,156 Accumulated gains 234,152 200,922 178,040 Accumulated other comprehensive loss (29,750) (19,937) (218) Total Daqo New Energy Corp.'s shareholders' equity 594,531 566,642 549,263 Non-controlling interest 508 516 Total equity 595,039 567,158 549,263 TOTAL LIABILITIES & EQUITY 1,181,216 1,201,356 924,062
Daqo New Energy Corp. Unaudited Consolidated Statements of Cash Flows (US dollars in thousands) For the three months ended March 31, 2020 2019 Operating Activities: Net income $33,227 $6,642 Less: Income / (loss) from discontinued operations, net of tax (86) 845 Net income from continuing operations 33,313 5,797 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation 4,461 4,474 Inventory write-down 863 Depreciation of property, plant and equipment 17,084 8,755 Non-cash lease expense 20 Amortization of prepaid land use right 171 Loss on disposal of property, plant and equipment 301 Changes in operating assets and liabilities: Accounts receivable (203) (989) Notes receivable 1,166 7,556 Prepaid expenses and other current assets 1,876 872 Advances to suppliers (7,550) 562 Inventories 1,731 (3,031) Prepaid land use rights 143 Accounts payable 5,287 499 Notes payable (11,277) 21,850 Accrued expenses and other current liabilities (747) (320) Income tax payable 6,355 698 Advances from customers (21,644) (2,880) Amount due to related parties 1 (16) Deferred tax liabilities 8 (40) Deferred government subsidies (153) (148) Lease liabilities 2 Net cash provided by operating activities-continuing operations 31,065 43,782 Net cash provided by operation activities-discontinued operations 15 4,699 Net cash provided by operating activities 31,080 48,481 Investing activities: Purchases of property, plant and equipment (12,893) (57,462) Purchase of land use right (4,271) Repayment of short-term investment 22,224 Acquisition of Xinjiang Daqo Investment 642 Net cash used in investing activities-continuing operations (12,893) (38,867) Net cash provided by investing activities-discontinuing operations (14) 232 Net cash used in investing activities (12,907) (38,635) Financing activities: Proceeds from related parties loans 1,482 Proceeds from bank borrowings 51,856 Repayment of bank borrowings (10,030) (34,788) Cash received from exercise of options 3 Net cash provided by financing activities - continuing operations Net cash used in financing activities - discontinued operations (10,027) 18,550 Net cash provided by financing activities (1) (11,382) Non-cash transactions (10,028) 7,168 Effect of exchange rate changes (1,997) 2,429 Net increase in cash, cash equivalents and restricted cash 6,148 19,443 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 121,442 114,563
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.
Mar 31, 2020 Mar 31, 2019 Cash and cash equivalents 63,803 65,999 Restricted cash 57,639 48,564 Total cash, cash equivalents, and restricted cash shown in the 121,442 114,563 statement of cash flows
Daqo New Energy Corp. Reconciliation of non-GAAP financial measures to comparable US GAAP measures (US dollars in thousands) Three months Ended Mar 31, 2020 Dec 31, 2019 Mar 31, 2019 Net income from continuing operations 33,313 20,393 5,797 Income tax expense 6,344 5,972 1,429 Interest expense 6,287 3,936 2,021 Interest income (151) (208) (324) Depreciation & amortization 17,275 15,281 11,010 EBITDA (non-GAAP) 63,068 45,374 19,933 EBIDTA margin (non-GAAP) 37.4% 38.2% 24.5%
Three months Ended Mar 31, 2020 Dec 31, 2019 Mar 31, 2019 Net income attributable to Daqo New 33,230 20,088 6,642 Energy Corp. shareholders Share-based compensation 4,461 4,461 4,474 Adjusted net income (non-GAAP) 37,691 24,549 11,116 attributable to Daqo New Energy Corp. shareholders Adjusted earnings per basic ADS (non- $2.69 GAAP) $1.77 $0.83 Adjusted earnings per diluted ADS (non- $2.57 $1.72 $0.81 GAAP)
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. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: carnell@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
For more information, please visit www.dqsolar.com
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SOURCE Daqo New Energy Corp.