What's Going On With Polysilicon Company Daqo New Energy's Shares Today?
Portfolio Pulse from Lekha Gupta
Daqo New Energy Corp (DQ) reported Q3 FY23 results with revenue of $484.8 million, missing the consensus of $672.30 million. Gross profit declined to $67.8 million from $978.6 million a year ago, with margins contracting to 14.0%. Total production volume stood at 57,664 MT, up 27% Q/Q. The company's production cost declined 5.8% Q/Q to $6.52/kg. Adjusted EBITDA stood at $70.2 million, significantly lower than $720.0 million the prior year. Adjusted EPS per ADS of $0.59 missed the consensus of $0.94. DQ shares are up 10.6% at $25.81.
October 30, 2023 | 3:45 pm
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POSITIVE IMPACT
Daqo New Energy reported lower than expected Q3 FY23 results, with significant declines in revenue, gross profit, and margins. However, the company's shares rose 10.6% despite the disappointing results.
Despite reporting lower than expected results for Q3 FY23, Daqo New Energy's shares rose, indicating that investors may be focusing on the company's increased production volume and decreased production costs. However, the significant declines in revenue, gross profit, and margins could potentially impact the company's financial health in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100