Daqo New Energy Corp. reported Q2 miss for earnings and sales, citing falling polysilicon prices and challenges in the solar industry.
Daqo New Energy Corp. reported Q2 miss for estimated earnings and sales, with revenue falling to $219.9m from $636.7m in Q2 2021. The average selling price for polysilicon fell to $5.12/kg from $7.66/kg in Q1 2024. The company's CEO, Xiang Xu, attributed the poor performance to challenges in the solar industry, with market prices falling across the solar value chain to below production costs for most of the industry. Consequently, Daqo cut its fiscal 2024 production outlook and adjusted its target production utilization rate for the third quarter.
August 26, 2024
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