Daqo New Energy shares plunge on lower quarterly income

DQ Entertainment (International)

03/08/2023 13:36

** Shares of Daqo New Energy  DQ.N  down 5.6% at $34.01
premarket
    ** Co reports net income attributable to DQ of $103.7 mln vs
$627.8 mln in the yr-ago qtr
    ** Increased polysilicon supply from new facilities led to
relative oversupply and excess inventory pushing prices down
    ** "Inventory reduction efforts by leading producers led to
a race to the bottom that saw polysilicon prices decline by
approximately 70% at the end of the second quarter compared to
Q1 levels" - co
    ** Reports profit per ADS of $1.75, below avg analysts
estimate of $4.67 - Refinitiv IBES
    ** Expects about 55,000 MT to 57,000 MT polysilicon
production in Q3
    ** As of last close, DQ shares down 6.63% YTD

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))