China-based polysilicon producer, Daqo New Energy, has reported its first financial year results as a public company, listed on the NYSE. Polysilicon shipments for 2010 were 3,650MT and module shipments were 3.5MW, after starting volume production in the fourth quarter. Revenues in the fourth quarter of 2010 were $81.9 million – an increase of 29.6% from the third quarter of 2010. The increase was mainly due to higher average selling prices for the polysilicon.
Daqo sold approximately 966MT of polysilicon in the fourth quarter, which contributed revenues of US$73.4 million, compared to revenues of US$55.2 million for 973 MT of polysilicon sold in the third quarter of 2010.
The company also generated US$6.6 million and US$1.9 million for the sales of PV modules and wafers respectively in the quarter.
Total revenue for 2010 was reported at US$242.7 million, an increase of 118.3%, compared with revenue reported for 2009. Gross profit was US$106.2 million, an increase of 153.2% from 2009. Gross margin was 43.8% for 2010, compared to 37.7% for 2009 and operating income was US$92.5 million, compared to US$36.4 million for 2009.
As of December 31, 2010, Daqo had US$203.7 million in cash and cash equivalents and restricted cash, compared with US$75.2 million as of September 30, 2010.
“We executed our business plan well, which resulted in a record quarter, based on the key metrics of revenue, gross profit, gross margin, operating margin and net income. We also successfully completed the Phase 1 polysilicon debottlenecking project, which will enable us to increase our name plate capacity from 3,300 MT to 4,300 MT,” noted Dr. Gongda Yao, the chief executive officer, Daqo. “With the successful listing on the NYSE during the quarter, we now have a platform to grow the company into a leading global solar supply company. In 2011, we will focus on building our Phase 2 polysilicon production facility in Xinjiang, China. We will also commence our 250 MW solar wafer production, along with expanding our PV module capacity. In the beginning of 2011, we have continued to see strong demand from our customers for quality polysilicon, which should lay a strong foundation for a successful year for Daqo New Energy.”
Daqo said that it expects its total revenue to be in the range of US$81.5 million to US$83.5 million for the first quarter of 2011. The company expects to ship between 1075 MT to 1100 MT of polysilicon and generate revenues from the sales of polysilicon of between US$74 million to US$76 million.
PV module sales were guided to be approximately US$7.5 million with the sales of approximately 4MW under the company's own brand and sales of approximately 8MW of modules outsourcing for its customers.