Daqo increased revenue and income in Q3 significantly yoy

Chinese Daqo New Energy Corp., manufacturer of high-purity polysilicon for the solar PV industry, reported polysilicon production volume of 18,406 MT in Q3 2020, compared to 18,097 MT in Q2 2020. Polysilicon sales volume was 13,643 MT in Q3 2020 (Q2 2020: 18,881 MT). Average total production cost was $5.82/kg in Q3 2020, compared to $5.79/kg in Q2 2020. Average selling price (ASP) was $9.13/kg in Q3 2020 ($7.04/kg in Q2 2020).
Revenue was $125.5 million in Q3 2020, compared to $133.5 million in Q2 2020 and $83.9 million in Q3 2019. Net income attributable to Daqo New Energy's shareholders was $20.8 million in Q3 2020 ($2.4 million in Q2 2020; $4.9 million in Q3 2019).
As of September 30, 2020, the company had $109.8 million in cash and cash equivalents and restricted cash, compared to $115.8 million as of June 30, 2020 and $68.2 million as of September 30, 2019.
The company expects to produce approximately 19,500 to 20,500 MT of polysilicon and sell approximately 20,500 MT to 21,500 MT of polysilicon to external customers during the fourth quarter of 2020. For the full year of 2020, Daqo expects to produce approximately 75,800 MT to 76,800 MT of polysilicon, inclusive of the impact of the company's annual facility maintenance.

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