Daqo New Energy Q1 Earnings, Revenue Tumble

(RTTNews) - Daqo New Energy Corporation (DQ), a Chinese monocrystalline silicon and polysilicon maker, reported a decline in earnings for the first-quarter, amidst a fall in revenue, primarily due to a decrease in average selling price.

For the three-month period, the company recorded a net income attributable to DQ shareholders of $278.804 million or $3.52 per ADS, lesser than $535.843 million or $6.99 per ADS, posted for the same period of 2022.

Excluding items, earnings attributable to the company shareholders fell to $310.2 million or $3.93 per ADS from $538.2 million or $7.02 per ADS in the first quarter of 2022.

Pre-tax income was at $475.762 million, versus previous year's $796.959 million.

Income from operations stood at $463.802 million, compared with $796.932 million a year ago.

Adjusted EBITDA was at $490.2 million, compared with $826.8 million in the first quarter of 2022.

Revenues moved down to $709.834 million from $1.280 billion of 2022.

Polysilicon average selling price was at $27.83/kg in the first-quarter of 2023, compared with $37.41/kg in the final quarter of 2022.