Daqo New Energy Corp.(Daqo New Energy), a Chinese polysilicon manufacturer, announced its unaudited financial results for the fourth quarter and fiscal year of 2014. Polysilicon production volume, shipment, revenue and gross profit/margin all grew rapidly in 2014. With China’s 17.8GW PV installation target and global demand of around 50GW in 2015, the company projects that the supply and demand of polysilicon will remain in balance.
Fourth Quarter 2014 Financial and Operating Highlights
- Record-high quarterly polysilicon production volume of 1,791 MT in Q4 2014, up from 1,748 MT in Q3 2014
- Polysilicon shipments of 1,537 MT in Q4 2014, compared to 1,598 MT in Q3 2014
- Polysilicon production cost of $13.23/kg in Q4 2014, compared to $13.05/kg in Q3 2014; cash cost of $10.88/kg in Q4 2014, compared to $10.72/kg in Q3 2014
- Wafer shipments of 17.8 million pieces in Q4 2014, compared to 18.5 million pieces in Q3 2014
- Non-GAAP gross margin(1) of 32.1% in Q4 2014, up from 31.7% in Q3 2014
- EBITDA(non-GAAP)(1)of $14.7 million in Q4 2014, compared to $16.4 million in Q3 2014
- Net income attributable to Daqo shareholders of $3.6 million in Q4 2014, compared to $5.9 million in Q3 2014
Full Year 2014 Financial and Operating Highlights
- Polysilicon shipments were 5,962 MT, an increase of 40.6% compared to 4,240 MT in 2013.
- Revenues were $182.6 million, an increase of 67.5% compared to $109.0 million in 2013.
- Gross profit was $43.3 million, compared to gross loss of $26.1 million in 2013.
- Gross margin was 23.7%, compared to negative 23.9% in 2013.
- Operating income was $32.0 million, compared to operating loss of $200.6 million in 2013. The Company recognized a $158.4 million impairment loss for the long-lived assets of its Chongqing polysilicon facilities in the second quarter of 2013. There was no such loss incurred in 2014.
- Net income attributable to Daqo New Energy Corp. shareholders was $16.7 million, compared to net loss attributable to Daqo New Energy Corp. shareholders of $70.9 million in 2013.
