Daqo New Energy Stock Drops After 1Q Results Plummet

Dow Jones04-30

By Dean Seal

Daqo New Energy's American depositary receipts dropped after lower selling prices slashed the company's revenue and earnings in the first quarter.

The stock was down 8.4% at $21.75 in early trading. The ADRs have now fallen 18% since the start of the year.

The manufacturer of high-purity polysilicon said revenue in the first three months of the year fell to $415.4 million from $709.8 million in the same quarter a year ago.

The decline was largely driven by a drop in the average selling price of polysilicon, which also helped drive gross margin down to 17.4% from 71.4% in the year-ago quarter, the company said.

Daqo posted a first-quarter profit of $15.5 million, or 24 cents a share, compared with $278.8 million, or $3.52 a share, in the same quarter a year ago.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 29, 2024 12:04 ET (16:04 GMT)

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