Chinese polysilicon manufacturer Daqo New Energy has reported 1,001MT of polysilicon shipments and 2.4MW of module shipments for its preliminary third quarter 2012 results.
Revenues for the quarter were US$21.1 million, representing a drop in both quarter-over-quarter (US$27.6 million in Q2 2012) and year-over-year (US$61.2 million in Q3 2011) third quarter results. Daqo’s quarterly revenue for polysilicon sold was US$19.4 million for 1,001MT; down from the 1,028MT of polysilicon sold in Q2 2012 and 1,022MT sold in Q3 2011. The company stated that its revenues fell because of lower average selling prices.
Daqo brought in US$0.7 million from sales of wafers, compared to US$2.8 million in Q2 2012 and US$3.0 million in Q3 2011. The company highlighted that due to an increase in credit risk for the wafer business, its management decided to take a more conservative approach to recognise wafers revenue upon receipt of payment and noted that it has a nearly 10MW wafer shipment for which revenue has been deferred.
Looking ahead to quarter four 2012, Daqo expects to ship between 550 and 600MT of polysilicon and nearly 10MW of wafers.