Daqo New Energy Corp Stock Price, News & Analysis

Daqo New Energy Corp. (NYSE: DQ) will conduct its annual general meeting (AGM) on December 29, 2020, at its Shanghai office. Shareholders recorded by December 8, 2020, are eligible to attend. Daqo, a leading polysilicon manufacturer for the solar PV industry, claims to be among the lowest-cost producers globally, with an annual production capacity of 70,000 metric tons. For further details, shareholders can access the company's annual report for free via their website or by contacting the investor relations department.

Daqo New Energy Corp. (NYSE: DQ) reported its third quarter 2020 results, highlighting a polysilicon production volume of 18,406 MT and sales volume of 13,643 MT. While revenue decreased to $125.5 million from $133.5 million in Q2, gross profit surged to $45.3 million, with a gross margin of 36.0%. Notably, net income jumped to $20.8 million, with earnings per ADS rising to $0.29. The company expects higher production in Q4 and emphasizes ongoing market demand for polysilicon, aiming to produce up to 76,800 MT for the full year.

Daqo New Energy Corp. (NYSE: DQ) is set to release its unaudited financial results for Q3 2020 on November 23, 2020, before U.S. markets open. A conference call is scheduled for 8:00 AM Eastern Time on the same day. Interested participants can join via specified dial-in numbers or access the webcast. Daqo, a leading polysilicon manufacturer for the solar PV industry, operates a facility in Xinjiang, China, with an annual capacity of 70,000 metric tons. The company emphasizes its low production costs and the challenges posed by market demand and external factors in its forward-looking statements.

Daqo New Energy Corp. (NYSE: DQ) announced a change in the ADS ratio from 1 ADS representing 25 Ordinary Shares to 1 ADS representing 5 Ordinary Shares, effective November 17, 2020. This adjustment equates to a one-for-five ADS split for existing ADS holders, who will receive four additional ADSs for each held by the record date of November 9, 2020. The alteration aims to align the ADS program with current standards as per the amended deposit agreement with JPMorgan Chase Bank.

Daqo New Energy Corp. (NYSE: DQ) has responded to concerns regarding potential exposure to forced labor risks under the Uyghur Forced Labor Prevention Act. The Company asserts its zero tolerance for forced labor and emphasizes compliance monitoring of suppliers. Daqo anticipates limited impact from U.S. government actions due to its global wafer customer base capable of adapting to market-specific requirements. Established in 2008, the Company is a leading low-cost producer of high-purity polysilicon with a production capacity of 70,000 metric tons annually.

Daqo New Energy Corp. (NYSE: DQ) has updated its polysilicon sales and production guidance for Q3 2020. The company expects external polysilicon sales of approximately 13,643 MT, significantly lower than the earlier guidance of 17,000-17,500 MT. Average selling prices have risen to $11.5-$12.5/kg, compared to $7.0-$7.5/kg in Q2. However, Daqo produced 18,406 MT in Q3, surpassing previous estimates. Full-year production guidance is now set at 75,000-76,000 MT, reflecting strong demand recovery.

Daqo New Energy Corp. (NYSE: DQ) announced the submission of IPO application documents for its subsidiary, Xinjiang Daqo New Energy Co., Ltd., to the Shanghai Stock Exchange's STAR Market. The company plans to issue at least 286.76 million shares, representing around 15% of Xinjiang Daqo's total post-offering share capital. Daqo intends to utilize IPO proceeds for capital expenditures on two polysilicon projects, totaling approximately $576 million, and to enhance working capital by $156 million. Post-offering, Daqo will retain an 81.26% ownership in Xinjiang Daqo.

Daqo New Energy Corp. (NYSE: DQ) announced a long-term supply agreement with Wuxi Shangji Automation for high-purity mono-grade polysilicon. The contract involves delivering 21,600 to 32,000 metric tons from September 2020 through 2022. The initial batch of 2,400 to 3,200 metric tons will be supplied in late 2020, with subsequent deliveries planned for the next two years. Shangji's advance payment is part of the agreement, highlighting their confidence in the solar PV market and Daqo's role as a key supplier.

Daqo New Energy Corp. (NYSE: DQ) reported its second quarter 2020 financial results, showcasing challenges due to the COVID-19 pandemic. Polysilicon production volume dropped to 18,097 MT, while sales decreased to 18,881 MT. Revenue fell to $133.5 million, down from $168.8 million in Q1 2020. The average selling price (ASP) of polysilicon decreased to $7.04/kg. Gross profit also declined to $22.7 million, yielding a gross margin of 17.0%. Despite these challenges, the company achieved a net income of $2.4 million, demonstrating resilience amid adverse conditions. Outlook remains cautious with projected production of 73,000 MT to 75,000 MT for the year.