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
-- Polysilicon production volume was 18,097 MT in Q2 2020, compared to
19,777 MT in Q1 2020
-- Polysilicon sales volume was 18,881 MT in Q2 2020, compared to 19,101 MT
in Q1 2020
-- Polysilicon average total production cost((1)) was $5.79/kg in Q2 2020,
compared to $5.86/kg in Q1 2020
-- Polysilicon average cash cost((1)) was $4.87/kg in Q2 2020, compared to
$5.01/kg in Q1 2020
-- Polysilicon average selling price (ASP) was $7.04/kg in Q2 2020,
compared to $8.79/kg in Q1 2020
-- Revenue from continuing operations was $133.5 million in Q2 2020,
compared to $168.8 million in Q1 2020
-- Gross profit from continuing operations was $22.7 million in Q2 2020,
compared to $56.6 million in Q1 2020. Gross margin from continuing
operations was 17.0% in Q2 2020, compared to 33.5% in Q1 2020
-- EBITDA (non-GAAP)((2)) from continuing operations was $26.8 million in
Q2 2020, compared to $63.1 million in Q1 2020. EBITDA margin
(non-GAAP)((2)) from continuing operations was 20.0% in Q2 2020,
compared to 37.4% in Q1 2020
-- Net income attributable to Daqo New Energy Corp. shareholders was $2.4
million in Q2 2020, compared to $33.2 million in Q1 2020
-- Earnings per basic American Depositary Share (ADS) was $0.17 in Q2 2020,
compared to $2.37 in Q1 2020
-- Adjusted net income (non-GAAP)((2)) attributable to Daqo New Energy
Corp. shareholders was $6.9 million in Q2 2020, compared to $37.7
million in Q1 2020
-- Adjusted earnings per basic ADS (non-GAAP)((2)) was $0.49 in Q2 2020,
compared to $2.69 in Q1 2020
Three months ended
US$ millions Jun 30, Mar 31, Jun 30,
2020 2020 2019
except as indicated otherwise
---
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 2.4 33.2 (2.2)
Corp. shareholders
---
Earnings / (loss) per basic ADS ($ per ADS) 0.17 2.37 (0.16)
---
Adjusted net income (non-GAAP)(2) attributable to 6.9 37.7 2.3
Daqo New Energy Corp. shareholders
---
Adjusted earnings per basic ADS (non-GAAP)(2) 0.49 2.69 0.17
($ per ADS)
---
EBITDA (non-GAAP)(2) from continuing operations 26.8 63.1 10.2
---
EBITDA margin (non-GAAP)(2) from continuing 20.0% 37.4% 15.5%
operations
---
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, Mar 31, Jun 30, Jun 30, Jun 30,
2020 2020 2019 2020 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 $2,383 $33,230 $(2,189) $35,613 $4,452
New Energy Corp. shareholders
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- (6) (9)
controlling interest
(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 (50) 1,992
operations
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 116,425 79,705
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 Six months Ended
Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
2020 2020 2019 2020 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, Mar 31, Jun 30, Jun 30, Jun 30,
2020 2020 2019 2020 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 6,874 37,691 2,297 44,565 13,412
Energy Corp. shareholders
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
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SOURCE Daqo New Energy Corp.
