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Daqo New Energy (DQ) Stock Gains on Revenue Increase

Sam Boughedda trader
Updated 18 Aug 2021

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Chinese Company Daqo New Energy (NYSE: DQ)

Chinese Company Daqo New Energy (NYSE: DQ) reported second-quarter earnings on Wednesday, causing a rally of over 6% in its share price.

The monocrystalline silicon and polysilicon manufacturer announced revenue exceeded the previous quarter at $441.4 million in Q2 compared to $256.1 million in Q1. It also beat Q2 revenue of $133.5 million the previous year.

Earnings Per Share was $3.15, beating the $1.13 reported in Q1 and smashing the $0.03 EPS in Q2 2020. The Shanghai-based company also reported a net income of $234.5m.

Longgen Zhang, CEO of Daqo, commented: “We are very excited to report an excellent quarter with strong revenue growth and better-than-expected profitability, as the Company achieved record-high production volume, gross profit, and net income.”

For full year 2021, the company raised its production guidance from 81,000-83,000 MT to 83,000-85,000 MT.

Daqo's share price is currently at $51.70 premarket, climbing 6.12% following Tuesday's 2% decline.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.