China solar-grade polysilicon manufacturer Daqo New Energy released the unaudited financial results for the first quarter of 2016. The company produced 3,405MT of polysilicon at full utilization of all manufacturing facilities. The full utilization also helped reduce average production costs.
First Quarter 2016 Financial and Operating Highlights
Polysilicon production volume of 3,405 MT in Q1 2016, compared to 3,547 MT in Q4 2015
Polysilicon external sales volume of 2,905 MT in Q1 2016, compared to 3,092 MT in Q4 2015
Polysilicon average total production cost of $9.65/kg in Q1 2016, compared to $9.74/kg in Q4 2015
Polysilicon average cash cost of $7.62/kg in Q1 2016, compared to $7.69/kg in Q4 2015
Average selling price (ASP) of polysilicon was $13.72/kg in Q1 2016, compared to $13.86/kg in Q4 2015
Solar wafer sales volume of 22.1 million pieces in Q1 2016, compared to 21.0 million pieces in Q4 2015
Revenue of $57.7 million in Q1 2016, compared to $59.3 million in Q4 2015
Non-GAAP gross margin of 32.6% in Q1 2016, up from 31.9% in Q4 2015
EBITDA (non-GAAP) of $21.9 million in Q1 2016, compared to $23.4 million in Q4 2015
EBITDA margin (non-GAAP) of 38.0% in Q1 2016, compared to 39.5% in Q4 2015
Net income attributable to Daqo New Energy shareholders of $8.3 million in Q1 2016, compared to $9.6 million in Q4 2015 and $1.2 million in Q1 2015
Earnings per basic ADS of $0.80 in Q1 2016, compared to $0.92 in Q4 2015 and $0.12 in Q1 2015
Adjusted net income (non-GAAP) attributable to Daqo New Energy shareholders of $11.7 million in Q1 2016, compared to $11.9 million in Q4 2015 and $6.4 million in Q1 2015
Adjusted earnings per basic ADS (non-GAAP) of $1.12 in Q1 2016, compared to $1.14 in Q4 2015 and $0.66 in Q1 2015
For the second quarter of 2016, Daqo New Energy expects to sell 2,850~2,950MT of polysilicon to external customers excluding shipments of polysilicon to be used internally by our Chongqing solar wafer facility. The company is to increase internal consumption of polysilicon by its own wafer subsidiary.
