Daqo New Energy Q3 Earnings Climb

(RTTNews) - Daqo New Energy Corporation (DQ), a maker of high-purity polysilicon for the global solar PV industry, on Thursday posted a rise in earnings for the third-quarter, reflecting a surge in revenue, driven by strong demand.

For the quarter ended on September 30, net income was at $323.409 million, compared with $292.329 million a year ago.

Income per ADS stood at $4.18 as against $3.81 per ADS reported for the same period of 2021.

Excluding items, income was at $590.4 million, compared with $294.7 million in the third quarter of 2021.Adjusted income per ADS was at $ 7.81, higher than $3.98 a year ago.

Pre-tax income climbed to $701.024 million, versus $417.905 million a year ago.

Daqo New Energy posted income from operations of $693.042 million, higher than $421.716 million of last year.

Adjusted EBITDA moved up to $ 720.043 million, compared with $ 441.802 million of a year ago quarter.

The company generated revenue of $1.219 billion, compared with $585.782 million of previous year period.