REC Silicon’s sales increase following higher Q2 demand and ASPs

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Polysilicon producer, REC Silicon, reported second quarter revenues of US$126.8 million, compared to US$113.3 million in the previous quarter, due to higher demand for FBR-based granular polysilicon and a 4% increase in selling prices.

The company reported an operating profit of US$24.6 million in the second quarter, compared to a loss of US$49.7 million in the previous quarter. The improved result led to a silicon segment EBITDA of US$33.1 million.

Polysilicon production increased 10% in the quarter to 4,375MT on the back of a sales increase of 2%.

FBR-based polysilicon cash cost continued to be impacted by the planned outage of Silane III plant and the increased inspections, and was reported to be US$14.30/kg in the second quarter.

REC Silicon also benefited from increased silicon gas sales volumes with silane prices actually increasing 5% in the quarter.

“Strong second quarter EBITDA demonstrates the strengthening demand for granular polysilicon and silicon gases in the market,” said Tore Torvund, CEO of REC Silicon.  “During the quarter, we successfully completed the five-year inspection programme in Silane III. Although these outages resulted in higher cost during the first half of 2014, we have completed the planned outages and will operate at full capacity for the remainder of the year.”

Guidance

REC Silicon said that it expected polysilicon production of about 5,000MT in the third quarter as no maintenance work was planned on plants. The company noted that it expected annual polysilicon production to be around 800MT higher than previously guided to 18,600MT in 2014. 

FBR-based polysilicon cash cost is expected to decline in the third quarter to US$11.20/kg, due to higher utilisation rates and no outages.

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