Daqo New Energy Beats With Another Record Quarter, Shares Looking More Bullish

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05:28:47 pm on May 9, 2011

Daqo New Energy (DQ) posted strong quarter earnings results this morning leading to a nice surge in the stock above the 50 day moving average.  After a healthy run up over the past week, shares are beginning to look much more bullish.

The company reported an EPS of .99/share on revenues of $87.3 million which was ahead of analyst estimates of .85/share and $84 million respectively.  Profit surged 450% over the year ago quarter while revenues nearly doubled. 

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CEO Gongda Yao commented: “We are happy to announce another record quarter in terms of revenue and profitability. Our ability to control our production cost, combined with ongoing favorable polysilicon pricing environment helped us to achieve this record result. During the quarter, we also successfully progressed the construction of our Shihezi, Xinjiang polysilicon phase 2 facility as planned. Our wafer production facility in Wanzhou also commenced production in April. Initial output product quality met our expectations.”

Looking ahead to results for this quarter, the company is expecting another round of record revenues of between $92 – $95 million (analysts expect $94.5 million).

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