Daqo New Energy rallies on higher polysilicon production, lower costs

Daqo New Energy

30/10/2023 16:43

** Shares of polysilicon manufacturer Daqo New Energy  DQ.N 
up 9.3% at $25.50, after the company reports a 90.97% surge in
quarterly polysilicon sales volume from a year ago; also posts a
27.27% increase in quarterly production volume sequentially
    ** Co says lower polysilicon selling price for the quarter
offset by increase in sales volume
    ** "The company guided to higher polysilicon production in
Q4 as compared to Q3. What we are seeing today with the stock is
a textbook example of a relief rally," Raymond James analyst
Pavel Molchanov said
    ** Co expects to produce around 59,000 metric tonne to
62,000 metric tonne of polysilicon in 4Q, production volume was
57,664 metric tonne in Q3 
    ** For the third quarter, the company reported an adjusted
loss of 9 cents/share, while analysts were expecting a profit of
94 cents/shr per LSEG data; quarterly revenue falls 60% y-o-y
    ** Including the session's gains, stock has 32.79% fallen
YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))