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Daqo New Energy updates Q3 sales and FY20 production guidance

Oct. 16, 2020 3:43 AM ETDaqo New Energy Corp. (DQ) StockDQBy: Gaurav Batavia, SA News Editor7 Comments
  • Daqo New Energy (NYSE:DQ) expects Q3 polysilicon sales to external customers of ~13,643 MT from previous guidance of approximately 17,000 MT to 17,500 MT.
  • Polysilicon's average selling prices ("ASPs") have been increasing rapidly since July, with current market ASPs for mono-grade polysilicon of ~$11.5-12.5/kg, a significant improvement from approximately $7.0-7.5/kg in Q2.
  • The sharp rise in ASPs, especially in September, caused postponement of purchasing orders from some customers. However, in October, the Company is seeing orders and product deliveries resuming to normal levels.
  • The company expects the inventory built up temporarily in September will be sold in Q4 on strong end-market demand both domestically and abroad.
  • The company produced ~18,406 MT of polysilicon during Q3, exceeding the previous guidance of 17,500 MT to 18,000 MT, with average total production cost and cash cost in Q3 expected to be ~$5.82/kg and $4.88/kg, respectively. ASP in Q3 is expected to be ~$9.13/kg, from $7.04/kg in Q2.
  • Expects FY20 polysilicon production of 75,000 to 76,000 MT in 2020.
  • Source: Press Release

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